Photo by: Duane Daws
Trade and industry Minister Dr Rob Davies on Friday signed a memorandum of understanding (MoU) with Mauritania Commerce, Industry and Tourism Minister Naha Mint Hamdi Ould Mouknass to enhance bilateral economic relations between the two countries.
Signed in Pretoria, the agreement would enable the two countries to explore trade and investment opportunities in the energy, mining, transport and communication infrastructure, agroprocessing and tourism sectors.
Davies said the MoU demonstrated the eagerness by the nations’ governments to strengthen bilateral economic relations. The MoU was in line with South Africa’s broad economic engagement framework for Africa.
“The primary aim of this MoU is to achieve mutual economic growth and development in a bid to accelerate regional and continental economic integration. We, as government, are striving to create a conducive business environment by removing impediments, which affect business transactions between our business communities,” Davies said.
He urged the business community and State agencies to take full advantage of the MoU and to explore partnerships and joint ventures for the mutual benefit of their respective markets.
Davies added that there was a need to encourage and accelerate intra-African trade and investment by removing nontariff barriers and lowering transaction costs, besides others.
Ould Mouknass described the MoU as evidence of the will and commitment to allow both countries to stimulate commercial relations among businesspeople, industries and different sectors.
Trade between South Africa and Mauritania has been inconsistent between 2010 and 2014, recording several fluctuations in the total trade volumes. Between 2010 and 2011, trade between the two countries doubled in terms of volume, increasing by over 50% to reach its highest level of R440-million in the five-year period.