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16th of October 2018

Economy



KZN, Russia agree to explore areas of trade | IOL Business Report

MEC for Economic Development, Tourism and Environmental Affairs Mr Sihle Zikalala and the Russian Ambassador to South African, Mr Mikhail Petrakov. Photo: SuppliedDURBAN – KwaZulu-Natal and Russia have agreed to explore areas of trade co-operation following a meeting between the two states. The MEC for Economic Development, Tourism and Environmental Affairs Sihle Zikalala and the Russian Ambassador to South Africa, Mikhail Petrakov were both present for the meeting that was held in Durban.  The European nation has recognised the economic profile of KZN which is made up of a number of sectors that could promote trade between the province and certain Russian regions.  Petrakov did indicate that they would by interested in the diverse areas such as energy, ocean economy, wood products and tourism among other things.  In response to the proposal, Zikalala pointed out that trade relations between the Russian Federation and KZN needed to be strengthened to allow KZN to benefit from the industrial knowledge that Russia has.  Both the MEC and the Ambassador agreed that a formal structure that has officials from both sides has be established soon to work on the content of a prospective trade agreement. The agreement will be presented to the provincial cabinet for endorsement. Pumla Ncapayi, the head of department emphasised the need to recognise catalytic projects that will have a butterfly effect in respect to growth and job creation.  Follow Business Report on Instagram here – BUSINESS REPORT ONLINE Read More




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