The United Arab Emirates is one of South Africa’s lucrative markets in the Gulf and current statistics show that trade between South Africa and the United Arab Emirates is certainly gaining momentum – last year saw an increase of almost 45 per cent in the total trade between the two countries – a substantial increase considering the short span of time it has been achieved in.
Interestingly, gold imports into Dubai from South Africa have registered a tremendous increase. The Standard Bank-London, affiliated to the Standard Bank of South Africa Group, opened its representative office in Dubai with a particular focus on gold and imported R2.5 billion worth of gold into Dubai – making it the single largest component of total trade between the two countries.
Our Embassy in Abu Dhabi is dedicated to the promotion and development of direct trade between the UAE and South Africa. To this end, we are developing a special Trade Section at the Mission to highlight the many trade and investment opportunities that South Africa has to offer. With its efficient financial services sector and legal systems, independence of the Reserve Bank, well developed infrastructure and a fair judiciary system, South Africa is a haven for overseas investors. In addition, South Africa’s diverse manufacturing base, ranked 30th in the world, offers immense opportunities for trade.
I invite UAE businessmen and traders to take advantage of such opportunities. On the other hand, the UAE holds special attraction for South African businessmen because of its huge domestic market and as a connecting point for bigger markets beyond. Its status as the regional hub for trade and business has been instrumental in attracting a number of South African companies to its shores. High level delegations from South Africa have been visiting the UAE on a regular basis to further strengthen bi-lateral ties between the two countries.
A team of high ranking officials from the Johannesburg Chamber of Commerce and Industry (JCCI) visited the UAE recently. This was followed by a fact-finding mission from Investment South Africa and a visit by officials of the Durban Chamber of Commerce and Industry (DCCI). As many as 34 South African companies also participated at the Afro Arab Trade Fair held in Sharjah. South African sportspersons continue to participate in various events in the UAE. The South African Embassy successfully co-ordinated the Dubai Men’s College visit to Durban to participate in the University of Natal/Technicon Durban Games. The Children of the Rainbow Cultural Group from South Africa made a tremendous impact with their performances at the Dubai Shopping Festival. This people-to-people contact will in no small way further enhance the growing relations between our two countries. I believe that the increased trade and cultural exchanges are a good barometer of friendship and co-operation between our two countries and highlight the confidence and cordiality of these relations. Indeed, the future holds great promise.
Going by the level of co-operation achieved so far, I am positive that the coming years will see further growth in bi-lateral relations between the United Arab Emirates and South Africa. In the end, let me take this opportunity to congratulate the publishers of this special publication for promoting direct trade between South African and UAE-based companies by providing useful information and services.
