Pretoria - The Department of Trade and Industry (dti) is to lead a business delegation on an outward selling and investment mission (OSIM) to Vietnam and the Philippines.
The mission, which will kick off on Saturday, forms part of the dti’s objectives to identify and create export markets for South African value-added products and services and to promote South Africa as a trade and investment destination.
“The mission is also part of our efforts to create market access for South African value-added products and services into the Association of Southeast Asian Nations (ASEAN) market and further establish long-term trade relations that will benefit all participating stakeholders,” said dti Minister Rob Davies.
Bilateral trade between Vietnam and South Africa was worth R13.4 billion in 2014 with a trade balance of R9.5 billion in favour of Vietnam.
Vietnam is a niche market for South African exporters and provides an alternative destination for South African products in Asia.
This will be the third OSIM to Vietnam since 2013. In 2014, 16 companies participated in the OSIM.
Meanwhile, the Philippines is one of the world’s fastest growing emerging markets with a strong Gross Domestic Growth growth rate of 7.2% in 2013 and investment growth rate of 18%.
The Philippine economy is very well positioned to generate continuing growth and considered by many as “Asia’s bright spot”.
There was a decline in South African exports to the Philippines from R669 million in 2014 to R663 million in 2015. Philippine exports to South Africa increased from R1.42 billion to R1.43 billion over the same period.
The mission, which will conclude on 30 May, will comprise of a trade and investment seminar and business to business meetings aimed at increasing and identifying further export and investment opportunities for South Africa in both Vietnam and the Philippines