The extension of the joint declaration of intent underlines the wish of the two countries to further expand their economic relations. South Africa has been a partner country of the German instrument to promote foreign trade and investment since 2019: until now, more than 200 South African business executives have participated in Partnering in Business with Germany to explore business opportunities with German firms. In 2024, 60 more business executives will visit Germany for networking and matchmaking purposes.
Extension by three years: continuation of support of business initiation with German SMEs for South African business executives
South Africa and Germany have extended their cooperation in the context of Partnering in Business with Germany by another three years. Lerato Mataboge, Deputy Director-General at the South African Department of Trade, Industry and Competition (dtic), and German Ambassador Andreas Peschke signed the respective joint declaration of intent in Pretoria on 24 April 2024.
©dtic / Mamosa Dikeledi
Lerato Mataboge pointed out the effectiveness of the programme. He said: “Until now, the participants have concluded more than 30 business deals with German companies worth around €5 million. This shows that a number of participants have benefitted from the programme. It also shows that South African companies regard the German market as attractive and believe that it can absorb their products and services.”
South Africa is an emerging economy with a wealth of resources. It has the most developed industrial base on the African continent. The country has a diversified industrial sector, some of which is highly modern, and infrastructure which, whilst being broad-based, is in need of modernisation.1
Kwanele Mkhwanazi, the new Director for Export Development and Support, is part of the team at the South African partner ministry dtic. He emphasised that the signing of the joint declaration of intent is an important milestone for the dtic underpinning the importance of the export-oriented development which South Africa is striving for. He said: “The success of the participants reflects the impact of the programme on the development of business executives who are proactive and determined to be successful on this complex export path. The dtic will continue to work together with the German partners and make sure that the success will be multiplied.”
Teaser picture: ©dtic / Mamosa Dikeledi
(1Source: gtai, Africa Business Guide – Märkte der Zukunft (africa-business-guide.de))