Business & Economy

Thursday, 12 October 2017 15:18

The DTI to undertake investment and trade mission to Russia

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The DTI to undertake investment and trade mission to Russia

According to the Minister of Trade and Industry, Dr Rob Davies, the objective of the ITI to Novosibirsk is to develop and build on relationships that were established with previous visits by both countries

JOHANNESBURG, South Africa, October 12, 2017/APO/ -- 

The Department of Trade and Industry (the dti) will lead a business delegation comprising of 20 companies on the 10th Investment and Trade Initiative (ITI) to Russia to be held in Novosibirsk from 24-26 October 2017. The aim of the mission is to increase the volume of exports of agro-processing and clothing and textile products, as well as built environment and capital equipment goods and services to the Russian market.  

According to the Minister of Trade and Industry, Dr Rob Davies, the objective of the ITI to Novosibirsk is to develop and build on relationships that were established with previous visits by both countries and to expose and showcase South African value-added products, and services to the Russian market. The ITI will include targeted business-to-business meetings, site visits, as well as investment and export-related round-table discussions with a particular focus on sectors where South Africa has comparative and competitive advantages.

“Additionally, the initiative also seeks to follow up and capitalise on the potential collaboration on the proposed BRICS projects. This opportunity will also be a step further in creating market penetration for South African value-added products, and services in Russia, and to promote South Africa as a trade and investment destination. The immediate opportunities for South African supplies will be in the increase of exports of fresh produce to Russia. With already an established export base of over R3.4 billion per year for fresh fruits, especially citrus, there is a vast opportunity to expand to fresh vegetables through the existing export network. This ITI will also provide an opportunity for South African companies to identify new areas of collaboration in various sectors, particularly in the area of investment,” says Minister Davies.

There is an increasing demand of the South African wines in Russia. During last year’s ITI to Moscow, export sales of R1.5 million were generated six months after the event, a large percentage attributed to wine exports.

More South African wines are expected to find their way to Russia after a visit to Cape Town last week by a wine importer from Russia, Mr Andre Kuzmin who is the Chief Executive Officer of a leading Russian wine buying company, Marine Express. Kuzmin, who came to South Africa at the invitation of the Deputy Minister of Trade and Industry, Mr Bulelani Magwanishe, met with a group of black wine producers with the aim of eventually importing their products.

There are also opportunities for South Africa’s capital equipment and built environment services in Novosibirsk as it is the most industrialised region in Russia.

Distributed by APO on behalf of The Department of Trade and Industry, South Africa.

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