Representatives of the Russian and South African parts of the Russia-South Africa Business Council met in Moscow on 15 April. The talks were held on the margins of the 18th meeting of the Intergovernmental Commission on Trade and Economic Cooperation.

The key participant of the meeting was Ronald Lamola, Minister of International Relations and Cooperation of South Africa. He emphasised that relations between the countries are built on historical solidarity.

"The African continental free trade area provides a complementary backdrop to our bilateral efforts. South Africa is a gateway to Africa and offers Russian investors a strategic endpoint to access one of the fastest-growing regions in the world. By aligning our bilateral initiatives, we will be able to provide fundamental products and ensure sustainable growth," Lamola added. He paid special attention to such areas as energy, high technology, artificial intelligence and scientific research.

African exports, Russian investments

Vladimir Padalko, Vice-President of the Russian Chamber of Commerce and Industry, said Russian investments in South Africa could be channelled into large infrastructure projects.

"Africa has something to offer Russia, just as we have something to offer Africa. African partners are very interested in formalising cities, developing transport and introducing smart solutions – something we already have working. We are ready to participate in this," he said.

Padalko added that agro-industrial complex and energy remain key areas. However, it is necessary to move forward.

"We are still actively importing exotics – tea, coffee, fruit. It is profitable, but it is not enough. We are interested in capital, technological projects, such as the reconstruction of railways," he said.

South Africa seeks new routes

The Chairman of the South African part of the Russia-South Africa Business Council Elias Monage, pointed to the importance of the settlement system between the countries.

"Once we can find an amicable way of using our respective currencies to settle trade, it will automatically increase trade," he said.

Monage added that expanding the geography of exports was among the priorities. South Africa plans to start supplying food products not only to Moscow and St. Petersburg, but also to Vladivostok and Ekaterinburg.

"For us, it is important to look at trade between the two countries and utilise various regions. These are some of the things that will then increase trade and address the logistics and transportation of those goods, including cold storage," Monage said.

He concluded that the Business Council should become the main platform to remove barriers and develop solutions to stimulate investment and development of small and medium-sized businesses.

Photo: TV BRICS