W Cape builds trade with Maryland
Edwin Tshivhidzo
21 June 2005
The Western Cape government is set to strengthen trade ties with the US state of Maryland.
Lynne Brown, the province's finance and development MEC, left for the US at the weekend, leading a delegation of government and business people to Baltimore on a trade mission.
The mission aims to promote and facilitate trade and investment opportunities between the two regions.
This comes after a memorandum of understanding was signed between the Western Cape government and the State of Maryland in November 2004.
"The State of Maryland, which borders Washington DC, is the political capital of the US and home to successful tertiary services industries," Brown said. "There is a strong case for cooperation between the two regions."
The memorandum allows the two the opportunity to cooperate on trade and investment opportunities in the agriprocessing, ICT, tourism and biotechnology sectors.
The regions will also hold regular meetings
and seminars on the transfer of skills and technologies in these sectors.
Maryland is home to the fourth-largest concentration of bioscience activity in the US. Its per capita income is the fourth-highest of the 50 states.
It is also a major centre of new technologies in electronics, communications, software and alternative power. The state is a major tourist attraction, with more than 20-million visitors in 2003.
Over the years, Maryland has established a reputation as one of the best film locations in the US.
"In future, we can also explore cooperation in other fields, such as the film sector," said Brown. "Their experience in this field can be useful, as we are trying to establish ourselves as a premier film-making destination."
South Africa's exports to the US have increased six fold since 1995. The mission will further consolidate the process of establishing stronger business ties with the world's biggest economy.
The US is the Western Cape's
second-largest export market after the UK. Top export commodities include citrus, fish, wine, precious stones, iron and steel.
"Maryland is strategically situated along the coast, which makes transport by sea easy from Cape Town," said Brown.
During the visit, Brown will hold a series of meetings with potential investors. She will also hold discussions with Michael Steele, governor of Maryland.
She will attend the Africa Business Summit, a high-profile gathering of influential personalities, which focuses on increasing trade and investment between the US and Africa.
She is also scheduled to address the summit on doing business in South Africa.
Source: Bua News
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