Minister of Economy leads UAE mission to South Africa

Sultan bin Saeed Al Mansouri, Minister of Economy, is to lead the trade and investment mission for the United Arab Emirates on its visit to the Republic of South Africa which begins tomorrow at the invitation of Ibrahim Bateel, Minister of Economic Development.

The mission is part of the efforts of the UAE Ministry to further develop bilateral ties and shared work experiences with one of the biggest African nations, and promote investment and business opportunities in the UAE.

The UAE delegation will meet a group of senior government officials and heads of major companies to discuss ways of developing relations and reviewing the investment aspects of mutual interest.

Al Mansouri said that the visit is aiming to look for available investment opportunities and partnerships in many sectors to enhance trade between the two countries and increase the number of mutual investment projects, going on to say that South Africa is one of the most important markets in which the UAE aims to strengthen its presence in the African continent.

Mr Al Mansouri pointed out that the UAE's relationship with South Africa is in continuous development, and that there are plenty of available areas for economic cooperation. Total foreign trade between the UAE and South Africa in 2014, including free trade zones, reached approximately Dh2.8 billion, a growth of 10.6 percent since 2013.

He also mentioned the importance of developing mutual foreign trade in the coming years, citing opportunities for cooperation between the private sectors in both countries to implement a range of promising projects, pointing out the existence of more than 200 South African companies currently working in the UAE along with ten commercial agencies. There are 174 South African trademarks registered with the Ministry of Economy.