South Africa and Poland have signed an Economic Cooperation Agreement to strengthen and further develop economic cooperation between the two countries, on the basis of reciprocity.

According to the agreement, the two countries would pursue intensified bilateral cooperation in the sectors of mining and mineral exploration, carbon enrichments and mining machinery, oil and gas, energy, construction, transport and infrastructure, besides others.

Commenting on the accord, Trade and Industry Minister Dr Rob Davies said a structured interaction, in the form of a Joint Economic Commission (JEC) within the ambit of the agreement, would be formed to ensure further development and the promotion of bilateral trade and investment.

“This JEC will also explore areas of economic cooperation which provide and promote maximum opportunities in trade and investment development, shared interest and mutual benefits,” he said.

Deputy President Kgalema Motlanthe added that he hoped the JEC would provide Polish and South African business leaders with enabling conditions to improve trade between the two countries.

Motlanthe asserted that, while trade between the two nations had grown steadily over the last six years, current trade volumes did not reflect the true potential and goodwill that existed between the two countries.

He said there were still significant trade and investment opportunities that South African and Polish businesses could exploit. 

“As South Africa, we believe maritime is one of the sectors that present potential for greater economic cooperation. There are opportunities for joint investment, technical cooperation and institutional partnerships, especially in shipping, ports and logistics, marine manufacturing and ship repairs,” he noted.

Motlanthe added that other opportunities for increased trade and investment existed in industries such as mining, machinery building, metallurgy, science and technology, and food processing.

Polish Prime Minister Donald Tusk commented that South Africa was Poland’s biggest trading partner in Africa and that the two countries had a great deal in common, including a rich history, a love for democracy and a commitment to human rights.

He added that the two countries had done well in the banking sector by creating strong economies that continued to survive despite the world economic crisis.

“The time has come for us to get down to serious work to ensure that, together, we are able to overcome the challenges we face. I hope this mutual relationship will strengthen cooperation between us and contribute further to the economic growth of our countries,” he added.

To further promote trade and investment between the two countries, two memoranda of understanding were signed between national investment promotion agencies Trade and Investment South Africa and the Polish Information and Foreign Investment Agency, as well as between the Industrial Development Corporation of South Africa and the Industrial Development Agency of Poland.