Business 24.8.2018 11:12 am

SA Companies to expand into South America

Minister of Trade and Industry, Rob Davies, at the launch of the ninth iteration of IPAP in Sandton on Monday (Pic supplied: the dti)

Minister of Trade and Industry, Rob Davies, at the launch of the ninth iteration of IPAP in Sandton on Monday (Pic supplied: the dti)

South African companies are expected to participate in an outward selling mission in the capital Lima next month

Minister of trade and industry Rob Davies said on Friday that South African companies would try to penetrate the Latin American market and explore trade and investment opportunities in Peru.

South African companies in the sectors of agro-processing, capital mining equipment and mining services will next month participate in an outward selling mission in the capital Lima.

“The mission will provide these companies with an opportunity to penetrate not only Peru but the Latin American market which is not only about Brazil, but more about the Pacific Alliance, a trade bloc that includes Chile, Colombia, Peru and Mexico,” Davies said in a statement.

“The bloc offers greater export and investment opportunities.  Although Peru is smaller in comparison to Brazil, together with Colombia and Panama, the countries present the best growth and market expansion opportunities in South America and the Caribbean.”

The trade and industry department has an export marketing and investment assistance scheme whose objective is to develop export markets for South African products and services and to recruit new foreign direct investments into the country, aligned to President Cyril Ramaphosa’s target to attract investments of U.S.$100 billion.

Bilateral trade between South Africa and Peru has grown significantly from R827 million in 2016 to almost R1.5 billion in 2017.

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