UAE, South African officials to expand economic relations

Abu Dhabi, Nov 16 2011 (WAM) - Engineer Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Securities and Commodities Authority (SCA) recently met with South Africa's Minister of Trade and Industry Dr Rob Davies and Ebrahim Patel, the South African Minister of Economic Development, in the presence of a number of senior officials and economic experts from both the UAE and South Africa. During the meeting, avenues for fostering economic cooperation between the two countries, including supporting relations in the investment field, as well as a number of bilateral issues were discussed with the aim of expanding cooperation to include the establishment of joint ventures in the two countries. In a statement following the meeting, Al Mansouri said that talks between the two delegations focused on ways of increasing investment and supporting trade ties and cooperation in industrial projects between the two countries, particularly in the automobile, spare parts and food industries. Infrastructure and clean energy projects were also highlighted, with the focus being on exchanging knowledge and experiences in this regard and taking advantage of modern innovations in these fields. Al Mansouri stated that the Ministry is looking forward to cooperating with South Africa in the field of transferring advanced technology to the UAE industry, adding that South Africa is considered an important economic partner in line with the UAE's international strategic plan, which aims to diversify economic partners. HE said that the agreement signed between the two countries in 2005 aimed to support cooperation in economic, trade and technical areas, and that trade exchange between the two countries, which reached US$1.1 billion last year, was expected to again see considerable growth this year. The Minister pointed out that a large number of South African companies are investing in the UAE, and that a number of UAE firms are investing in major projects in South Africa too, and noted that air traffic between the two countries is active, with the UAE's airlines providing regular flights to main destinations across South Africa. Both parties agreed to form a follow-up committee with the aim of encouraging exports and mutual investments, to work on organising a forum for businessmen from both countries, as well as to host a roundtable discussion on ways to remove obstacles to economic deals between the two countries, with suggestions and recommendations to be submitted to decision makers urgently to enable the necessary actions to be taken. It was also agreed that any facilities that will help attract mutual investment in the areas of financial markets - particularly investment funds and the dual listing of the listed companies in the stock exchange of both countries, based on the solid structure of the UAE markets - would be provided. In addition, it was decided that a memorandum of understanding signed between the Securities and Commodities Authority and its South African counterpart would be activated. During the talks, the South African Ministers praised the economic and trade ties between the two countries and affirmed that, while South Africa represents an important entrance for the UAE to the South African countries, the UAE serves as the main entryway for South African exports to the Middle East. The Ministers noted that South African businessmen are keen to establish joint ventures with their peers in the UAE and invited UAE businessmen to visit South Africa to explore the opportunities available across the country's different economic sectors. The UAE is the largest trade partner of South Africa in the Middle East and the 6th largest oil exporter to South Africa. UAE exports to South Africa include petroleum products, precious metals, gold and re-exported goods while South African exports to the UAE include light guide ships, dredgers, floating cranes, iron pipes, iron, steel, etc. The meeting between the two parties formed part of an official visit by the South African President Jacob Zuma, who arrived in the UAE on Sunday. The visit is seen as an important step forward in the development of relations between the two countries, and reflects both countries' aspirations and eagerness to establish strategic partnerships in all fields. The meeting was attended by Abdullah Al Turaifi, CEO of the Emirates Securities and Commodities Authority; Hamid Butti, Assistant Under Secretary for Corporate Affairs at the Ministry of Economy; Mr. Mohammed Shalwah, Assistant Undersecretary of Economic Affairs at the Ministry of Economy; Ibrahim Al Zaabi, Deputy CEO for Legal Affairs, Issuance and Research at the SCA; Maryam Al Suwaidi, the SCA's Deputy CEO for Licensing, Supervision and Enforcement; and Mohammed Khalifa Al Hadari, the SCA's Deputy CEO for Organisational and Supporting Services Affairs - Emirates News Agency, WAM