Big business can help SA: Mashabane

2013-06-15 16:04
Minister of International Relations and Cooperation Maite Nkoana-Mashabane. (File, Sapa)

Minister of International Relations and Cooperation Maite Nkoana-Mashabane. (File, Sapa)

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Hameenlinna - If big business in South Africa were to invest in new domestic ventures, it would go a long way in helping the country, International Relations Minister Maite Nkoana-Mashabane said on Saturday.

"...There are opportunities for businesses to continue thriving by investing in South Africa," she said in an interview.

There was potential in several sectors like energy, agriculture, mining and transport.

What was special about South Africa was its natural resources, she said, adding that infrastructure build was a priority.

South Africa was seen as a promising emerging market globally as it offered "value for money".

South Africa hopes to strengthen ties not only in Europe but also with Asian, African and Latin American countries.

Leading producer

Last year, it was reported that South Africa's economy was worth an estimated $527bn.

In a report commissioned by the US-based Citigroup bank, South Africa was ranked as the world’s richest country in terms of its mineral reserves, worth an estimated $2.5 trillion.

South Africa is the world’s largest producer of platinum, chrome, vanadium and manganese, and the third-largest gold miner.

South Africa was also investing R300bn to expand and improve its railways, ports and fuel pipelines to unlock mineral wealth.

The African continent contains 10% of the world’s oil reserves, 40% of the gold ore and 95% of platinum.

South Africa's financial market development was also globally recognised, and was ranked second for the soundness of banks and the efficacy of corporate boards.

Growing trade partnerships

Mashabane said trade and investments in South Africa had skyrocketed in the past two years.

South Africa’s export trade with Brics (Brazil, Russia, India and China) partners grew from 6.2% in 2005 to 16.8% in 2011.

Its imports from Brics represented 13.6% of total imports in 2005 and 20% in 2011.

In 2011 alone, trade between South Africa and Brics countries grew by 29%.

Read more on:    brics  |  maite nkoana-mashabane  |  economy

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