SA participates in international economic forum

Pretoria - Trade and Industry Deputy Minister Bulelani Magwanishe is in Russia, where he is attending the St Petersburg International Economic Forum (SPIEF).

SPIEF, which kicks off today, is an annual international conference dedicated to economic and business issues facing Russia, Africa and BRICS. It is held with the direct support of the President of the Russian Federation, Vladimir Putin.

Deputy Minister Magwanishe says trade between South Africa and Russia has been enhanced recently by the imposed sanctions on Russia by both the European Union and Turkey, allowing South Africa to capitalise on trade and investment opportunities.

The last four years we had a trade deficit with Russia, but in 2016 our total trade was valued at R7.9 billion, with a slight surplus in favour of South Africa, said the Deputy Minister.

Deputy Minister Magwanishe's programme will include meetings with the President of the St Petersburg Chamber of Commerce and Industry Yuriy Burchakov, Head of Africa Business Initiative Squire Patton Nataliya Zaiser, and Chief Executive Office of Marine Express Andrey Kuzmin.

The three-day conference attracts international participants, including government and business leaders from the emerging economic powers, as well as leading global voices from academia, the media, and civil society.

The SPIEF programme will include the BRICS Business Forum and Russia-Africa Round Table.

Source: South African Government News Agency

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