PRETORIA, South African Deputy Minister of Trade and Industry Bulelani Magwanishe has left for Russia to attend the St Petersburg International Economic Forum (SPIEF) which began Thursday.
The SPIEF is an annual international conference dedicated to economic and business issues facing Russia, Africa and the BRICS countries -- Brazil, Russia, India, China and South Africa. It is held with the direct support of Russian President Vladimir Putin.
Magwanishe says trade between South Africa and Russia has been enhanced recently by the imposed sanctions on Russia by both the European Union (EU) 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 7.9 billion Rand (about 612 million US dollars), with a slight surplus in favour of South Africa, he adds.
Magwanishe's programme in Russia includes meetings with the President of the St Petersburg Chamber of Commerce and Industry, Yuriy Burchakov, the Head of Africa Business Initiative Squire Patton Nataliya Zaiser, and Chief Executive Officer of Marine Express Andrey Kuzmin.
The three-day conference has attracted 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: NAM NEWS NETWORK