Sep 29, 2011
Trade between South Africa and Russia is beginning to take offBack
Pretoria|Education|GijimaAst|Russian Natural Resources|Brazil|China|India|Russia|South Africa|USD|Transport|Maite Nkoana-Mashabane|Robert Gumede|Vladimir Kremer|Yuri Trutnev
© Reuse this
In parallel with Itec, there was a meeting of the South Africa-Russia Business Council. “When the Business Council was formed [in 2006], it undertook the responsibility of making trade between our two countries [reach] $1-billion,” said Trutnev. “At the moment it is $300-million. “[By the end of] This year it could come to $600-million to $700-million.”
This year’s meeting of the Business Council was attended, he reported, by about 30 Russian and 70 South African companies. “The work of the Business Council has become very active,” he affirmed. “Our economic projects and the success of these projects creates trust and cooperation between our countries.”
“Congratulations to the joint Business Council for finally coming to the party and accelerating our trade and economic ties,” asserted South Africa International Relations and Cooperation Minister Maite Nkoana-Mashabane.
The Business Council is now headed, on the South African side, by Robert Gumede (executive chairperson of GijimaAST) and, on the Russian, by Vladimir Kremer (MD of Renova).
Nkoana-Mashabane reported that she and Trutnev had agreed that there should be “frequent interaction through the Business Council in order to enhance knowledge of commercial opportunities and potential business opportunities; to prioritise capacity building and skills transfers, particularly in strategic and high technology areas. [And] To facilitate good cooperation between the South African and Russian Business Council chapters.”
The Business Council ranks as one of Itec’s ten technical joint subcommittees. The other nine are – justice, trade and investment and banking, minerals resources, energy, aviation and maritime transport, education, agriculture and forestry, water affairs, and science and technology.
“Itec has done a great job,” said Trutnev. “Itec remains a critical instrument for deepening the relations between our two countries,” avered Nkoana-Mashabane. “We had a very successful tenth session of Itec. Our silver jubilee meeting.”
Both ministers also highlighted the further opportunities for deepening cooperation between the two countries through the forum of the BRICS (Brazil, Russia, India, China and South Africa) group.
Edited by: Creamer Media Reporter© Reuse this Comment Guidelines
Recent Research Reports
Steel 2014: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2014 report provides an overview of the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon steel and stainless...
Projects in Progress 2014 - First Edition (PDF Report)
This publication contains insight into progress at the delayed Medupi and Kusile coal-fired projects, in Mpumalanga and Limpopo respectively, as well as at the Ingula pumped-storage scheme, which is under construction on the border between the Free State and...
Automotive 2014: A review of South Africa's automotive sector (PDF Report)
The report provides insight into the business environment, the key participants in the sector, local construction demand, geographic diversification, competition within the sector, corporate activity, skills, safety, environmental considerations and the challenges...
Construction 2014: A review of South Africa's construction sector (PDF Report)
Construction data released during 2013 hints at a halt to the decline in the industry during the last few years, with some commentators averring that the industry could be poised for recovery. However, others have urged caution, noting that the prospects for a...
Electricity 2014: A Review of South Africa's Electricity Sector (PDF Report)
This report provides an overview of the state of electricity generation and transmission in South Africa and examines electricity planning, investment in generation capacity, electricity tariffs, the role of independent power producers and demand-focused initiatives,...
Defence 2013: A review of South Africa's defence industry (PDF Report)
Creamer Media’s 2013 Defence Report examines South Africa’s defence industry, with particular focus on the key players in the sector, the innovations that have come out of the defence sector, local and export demand, South Africa’s controversial...
This Week's Magazine
Updated 1 hour 20 minutes ago Celebrating its fiftieth Green Star SA certification in only six years, and with a further 150 projects in the Green Star SA registration pipeline, the impact will increase significantly. “In South Africa, certified new green buildings now cover nearly one-million...
Updated 1 hour 23 minutes ago Volkswagen Group South Africa (VWSA) has installed an automated guided vehicle (AGV) line to replace the traditional roller conveyor used on the VW250 engine line. An AGV is a mobile robot that follows markers or cabling in the floor, or uses vision or lasers to...
Updated 1 hour 23 minutes ago South Africa has an opportunity to achieve a similar result to that of China, which has lifted hundreds of millions of its citizens from poverty to prosperity, but the challenge is to develop world-class customer-focused engineers.
Updated 1 hour 23 minutes ago South Africa had more than enough money and resources to deliver on the constitutional promise of quality of life for all, but those involved in corruption have cost the country immensely.
Updated 1 hour 23 minutes ago BMW South Africa has postponed the introduction of the i3 city car and i8 supercar to March 2015, says spokesperson Edward Makwana. The i3 is an electric vehicle, and the i8 a plug-in hybrid. Both models were scheduled for local introduction this year.