AT A FUNCTION, hosted by the South African Indo-Africa Business Association (SAIBA) and Awqaf SA in Cape Town last week, Minister of Trade and Industry, Ebrahim Patel, said in a keynote address that the country had challenges, but at the same time, we should not ignore the green shoots appearing on the economic landscape.
Expressing his delight that the Turkish Trade Institution (DEIK) had sent a delegation of manufacturers and high-tech specialists to the country, he said he wanted to see trade with Turkiye – currently valued at about R40 billion –expanding exponentially. He added that to this end, South Africa had a good skills and technology base for investment.
“We have significant deposits of mineral resources, including critical minerals that will be driving the world’s transition to a greener economy. And so those minerals provide not only a source for industries elsewhere in the world, but for investors to come here (to the SADC region).
“There are opportunities to set up factories here. We have functioning, modern capital markets. We’ve already invested in energy. There’s a deficit there that we’re dealing with now, which provides an opportunity for partnerships and fresh investment,” he said, adding that Africa was a growing continent with untapped potential.
The minister referred to a climate of pessimism in the country, saying that there were many green shoots despite the noise. Saudi Arabia was importing our local beef and Volkswagen SA had committed to build new plants in Kariega to build Polos for the international market.
He said that it was through partnerships – such as with SAIBA and DEIKA – that employment, and the economy, will grow to empower the most marginalised in our society.
Awqaf SA CEO, Mickaeel Collier, said that it was privilege for Awqaf SA as a community endowment fund to have organised the event alongside DEIK and SAIBA in its mandate of promoting truly sustainable development and growth opportunities for all.
“Tonight’s gathering is a splendid example of what can be achieved when like-minded entities such as SAIBA and Awqaf SA unite. The synergy of our efforts is directed towards creating resilient business, trade and community infrastructures that not only withstand economic challenges, but also thrive amidst them,” he said.
SAIBA’s director, Kinesh Pather, said that he was delighted the organisation was being introduced to the Western Cape where there was lots of potential to increase its network. He said that its current membership was already responsible for over 150,000 jobs.
Turkish Consul-General, Sinan Yesildag, welcomed the attendees, saying that it was an honour for DEIK to come to the Cape to look for mutually beneficial projects between local businessmen and Turkiye. This could only help both countries develop, he said
