SA, Russia examine bilateral relations

With the trade balance sheets firmly in Russia's favour with US$2.3 million imported from Russia in 2007, South Africa will be looking to place emphasis on utilising the vastly diverse Russian market.

In 2007, South African exports to the Russian Federation only totalled some US$240,000, compared to the year before in which exports to Russia totalled US$675.8 million.

Mlambo-Ngcuka will host Ivanov within the context of South Africa's priority to strengthen bilateral political, economic and trade relations with the Russian Federation.

“South Africa's trade with Russia does not reflect its potential and there is much room for expansion.

“The Joint South Africa-Russia Business Council provides an opportunity to achieve greater trade and economic co-operation between the business sectors of both countries,” reported the department in a statement.

Ivanov is expected to be accompanied by Russian Minister of Natural Resources Yuri Trutnev who, together with South African Foreign Minister Dr Nkosazana Dlamini Zuma, co-chairs the South Africa–Russia Intergovernmental Trade and Economic Committee (ITEC).

Discussions between the Deputy President and Ivanov will also include the status of bilateral political, economic and trade relations; preparations for the ITEC that will be hosted by Russia in May 2008; developments in Russia following elections held on 2 March 2008 and developments within Africa's regional multilateral bodies.

The recent election of Dmitry Medvedev to replace Russian President Vladimir Putin, will also likely to form part of the discussion.

South Africa's major imports from Russia are comprised of the nickel group of minerals, accounting for over 65% of imports.

SA multinationals Anglo American, Standard Bank, De Beers, JCI, Barlowworld, Capespan and Bateman have substantial interests in Russia.

Standard Bank also has a growing presence in Russia along with SAPPI, Protea Hotels and Sun International.

While in South Africa, First Deputy Minister Ivanov is expected to pay a courtesy call on President Thabo Mbeki.

First Deputy Prime Minister Ivanov is expected to depart from South Africa on 13 March 2008.

Article published courtesy of BuaNews