S Africa promises help in forging direct business links

Discusses new investment avenues with Pakistani companies

FAISALABAD: The High Commission of South Africa will help Pakistan’s business community to forge direct links with its counterparts in the African nation in an effort to give a fresh impetus to trade between the two countries, says an envoy.

Speaking to industrialists and exporters at the Faisalabad Chamber of Commerce and Industry (FCCI), South Africa High Commissioner Mpendulo Jele stressed that bilateral trade could be boosted by creating direct links between business communities of the two sides.

“Faisalabad is one of the most vibrant business centres and can play an important role in enhancing bilateral trade,” he said while highlighting that it was his first trip to the FCCI.

Describing South Africa as a safe haven for foreign investors with attractive investment incentives, the envoy said political situation was stable there and its constitution was called one of the most liberal documents.



He pointed out that a number of Pakistani companies had invested successfully in various parts of South Africa, which was also in the process of discussing several new investment opportunities with companies based in Pakistan.

South Africa is rich in mineral and other natural resources and many investors have set up manufacturing plants there. It is also regarded as a gateway to the African continent, especially the southern African region.

The continent is the second fastest growing region after Asia.

FCCI President Engineer Rizwan Ashraf outlined the potential for enhancing bilateral trade and deepening economic relations keeping in view the size of economies of the two countries.

In 2014, bilateral trade totalled $679 million, of which Pakistan exported goods worth $279.78 million and imported merchandise valuing $399.54 million, with balance of trade in favour of South Africa.

Ashraf pointed out that South Africa’s exports to Pakistan grew 11% per annum from 2010 to 2014 while Pakistan’s exports to South Africa rose 7% per year.

“The point of worry is that Pakistan had a negligible 0.3% share in South Africa’s imports valuing $99.89 billion in 2014,” he said. “A bilateral trade volume of $1 billion per annum is achievable.”

Published in The Express Tribune, September 11^th,  2015.

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