Participants of the Russia-South Africa Business Council note growth in trade between the countries

Trade between Russia and the Republic of South Africa is growing. In 2022 it has increased by more than 15 per cent to about 1.3 billion US dollars. This was revealed by the participants of the Russia-South Africa Business Council. The meeting was held at the Russian Chamber of Commerce and Industry.

"Both Russian and South African economies are quite high in the world rankings. And the most important thing is that they are in the top 20 states in terms of population. So the potential is great," said Pavel Yakovlev, chairman of the Russia-South Africa Business Council.

According to a number of experts, cooperation at the level of international organisations, will help to realise the potential.

Energy, telecommunications, electronics and other industries are also promising for partnership between the two countries, said the participants in the meeting. Tourism and agriculture have a special potential.

"Agreements were reached to continue work on increasing trade in agricultural products as well as access of goods to the markets of the two countries. The South African side expressed readiness to send in the nearest future actual veterinary-sanitary requirements for import of livestock products to South Africa, sanitary requirements, requirements for grains and oils," said Emil Kuliev, head of the Africa Department of the Russian Ministry of Economic Development.

The key to the further development of cooperation is the expansion of business ties not only at the level of global corporations.

"The contribution of small and medium-sized businesses to the gross domestic product is increasing every year. In South Africa, this is happening with a slight lag. Small and medium-sized businesses have started to develop in the last 10-15 years, so Russia even has a certain advantage here. Talking to the heads of companies with a turnover of a few million dollars or $100 million, who have fresh ideas, is useful for both countries," said Yakovlev.

The meeting participants also discussed projects that are being implemented in the financial, scientific and educational spheres. For example, Russia has more than doubled the number of places in universities for students from South Africa, which are paid for from the budget. Preparations for the Russia-Africa summit were another topic of discussion, as reported by TV BRICS.

Photo: TV BRICS