The Investment and Trade Initiative (ITI) that the Department of Trade and Industry (DTI) is currently undertaking in Brazil, will expose South African enterprises to the Brazilian market and give them an opportunity to showcase what they can offer in light of their experience in the hosting of the 2010 FIFA World Cup, South African Ambassador to Brazil Mphakama Mbete said on Wednesday.

Mbete was speaking during the third round of negotiations at the ITI, between a business delegation of 45 South African companies and Brazilian businesses. The South African delegation was on a tour of the 2014 FIFA World Cup host cities, which kicked-off in Sao Paulo on Tuesday. The aim of these negotiations was to promote bilateral partnerships and opportunities for urban development, tourism and economic development of the host cities.

“The importance of promoting these platforms is to showcase the prospects for trade and investment in South Africa, its capabilities and accomplishments in foreign markets. Brazil is a significant trading partner of South Africa and a partner in multilateral organisations such as IBSA (India, Brazil, South Africa), the Group of Twenty and the Brics group of countries, comprising Brazil, Russia, India, China and South Africa.

“As Brazil's economy continues to flourish, so does their need for resources from Africa, providing a new impetus to the history of African growth,” Mbete said.

The special secretary of coordination for the 2014 FIFA World Cup Thaddeus Gilmar Ribeiro also gave a presentation on the prospects of the World Cup in Brazil.

“We want to present Brazil to the world as it is today, with its development and cultural richness, and economic and political stability. This is a unique opportunity for exchanging experiences between the two countries,” he said.

The delegation leader and DTI chief director of export development Bongi Ludidi said the percentage of goods and services imported from Brazil to South Africa as greater that what South Africa exports into Brazil, and she challenged the South African delegation to equal, or improve on this statistic.

A series of business-to-business meetings between the South African delegates and potential Brazilian investors were held. Companies representing a number of sectors such as the built environment, construction, aerospace, rail, marine, manufacturing, agro processing, services and electro-technical participated in the event.
 

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