President Jacob Zuma on Thursday hinted at the possibility of South Africa exploring interest in the economic growth of the small island of São Tomé and Príncipe, including the discovery of oil reserves in that country.

Zuma addressed journalists in Pretoria on Thursday after having discussions with São Tomé and Príncipe President Manuel Pinto Da Costa, who is on a state visit to South Africa.

Zuma was accompanied by a large contingent of his ministers, including Trade and Industry Minister Rob Davies and International Relations and Cooperation Minister Maite Nkoana-Mashabane.

One of Africa's smallest countries, São Tomé and Príncipe consists of two islands of volcanic origin and a number of smaller islets. One of the leading cocoa producers in the world, the country is poised to profit from the commercial exploitation of large offshore reserves of oil. The government has been encouraging economic diversification and is set to exploit the billions of barrels of oil which are thought to lie off the country's coast.

Zuma described the relationship between South Africa and São Tomé and Príncipe as one borne out of similar struggles for liberation in both countries.

Deputy President Kgalama Motlanthe visited the small island in 2011, during which several agreements were signed in the areas of energy, water and cooperation. In April this year, a joint technical team from the Department of Water Affairs and from Rand Water undertook a fact finding mission to São Tomé and Príncipe on what South Africa can do to provide water treatment support.

They identified infrastructure refurbishment, provision of rainwater harvesting tanks and knowledge sharing on waste water management as critical areas of intervention.

“We support the kind of investments which seek to contribute to the sustainable development of the region and the continent as a whole. We have also agreed to take further our cooperation, particularly on people-to-people exchanges. We are also keen to promote tourism and other areas of economic cooperation,” Zuma said.

Da Costa said economic cooperation with South Africa was crucial for his country.

He said São Tomé and Príncipe was opened to any economic cooperation with South Africa and other exclusive economic zones.

“I will leave this country knowing that there is solid engagement to strengthen our cooperation. Our meeting here will serve as a foundation of future cooperation and development, which I hope will be of development for the two countries,” said Da Costa.