Mbeki woos Italian business
24 March 2006
An Italian business delegation is to visit South Africa next year to explore ways in which Italy can participate in the government's Accelerated and Shared Growth Initiative, which seeks to boost economic growth by increasing foreign investment in the country.
This follows President Thabo Mbeki's three-day state visit to Italy this week, accompanied by a business delegation and the ministers of Foreign Affairs, Trade and Industry and Science and Technology.
During his visit - against the backdrop of next month's general elections in Italy - Mbeki met both Italian Prime Minister Silvio Berlusconi and his main political rival, opposition coalition leader Romano Prodi, as well as Italian President Carlo Ciampi.
Mbeki told Italian newspaper La Repubblica that he was confident that South Africa's relations with Italy would remain strong regardless of who wins the elections.
Potential areas of
interest
Mbeki and his delegation engaged with Italian chamber of commerce and industry Confindustria, as well as a number of Italy's top executives, on steps to develop trade and investment opportunities between the two countries.
Speaking after his meeting with Ciampi on Tuesday, Mbeki said he had highlighted a number of major economic growth interventions in which South Africa is currently engaged.
"These include initiatives around South Africa's hosting of the Soccer World Cup in 2010 and the Accelerated and Shared Growth Initiative, which will see a public investment drive in the local economy over the next five years.
"We believe that these have the potential to open up many areas of interest to the Italian business community."
According to The Star, South Africa and Italy signed a commercial agreement during Mbeki's visit, Italy had agreed to open a biotechnology centre in SA - following the establishment of centres in Trieste and India - and Confindustria will be sending a business delegation to SA in 2007.
Top trading partner
Italy is one of South Africa's key trading partners. Italian investments in the country amounted to an estimated €38.5-million (R302-million) in 2004, up from €5.2-million (R44-million) in 2003.
South African exports to Italy are dominated by precious and non-ferrous metals, basic iron, steel and ferro-alloys, coal, and quarried stone/granite.
South African imports from Italy consist mainly of machine tools, auto vehicles and components, industrial machinery, jewellery and telecommunications equipment.
SouthAfrica.info reporter and BuaNews
