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South Africa, Turkey pact to boost trade

17 February 2012

A declaration signed on Thursday between South Africa and Turkey will see the two countries boost relations in areas including infrastructure development, mining and energy, says the Department of Trade and Industry (DTI).

At the end of the second session of the Turkey-South Africa Joint Economic Commission meeting in Ankara on Thursday, the two countries recommitted themselves to further enhance trade and economic relations.

The Joint Economic Commission (JEC) promotes trade, investment and economic co-operation between the two countries.

Turkish Minister of Energy and National Resources Taner Yildiz and South African Trade and Industry Minister Rob Davies, who co-chaired the JEC, signed the declaration on behalf of the two countries on Thursday.

Deepening economic relations

Infrastructure development, small, medium and micro enterprise (SMME) development, special economic zones, mining and energy, jewellery making and agriculture are some of the areas in which the declaration seeks to develop cooperation.

The work around the designated areas of cooperation will go a long way towards deepening economic relations between Turkey and South Africa.

"For example, cooperation in infrastructure development could help to make the logistic system in South Africa more efficient and contribute positively to job creation," the DTI said in a statement. "Similarly, it is expected that cooperation in SMME development would lead to positive job creating outcomes."

Davies said the signing of the declaration coincided with Turkey's search for expanding its trade relations with the African continent. This search, he said, was not misguided, as the International Monetary Fund projected over 5% economic growth for the continent.

Source: BuaNews