South Africa and Oman have committed to enhancing bilateral trade and investment relations, saying there is more potential than the current performance indicates.
In 2016, total trade between the two countries stood at R5.9 billion and has been consistent over the last five years.
The commitment was made by South Africa’s Minister of Trade and Industry Dr.Rob Davies and his Omani counterpart Ali Bin Masoud Al-Sunaidy at the on-going South Africa-Oman Business Forum in Sandton, Johannesburg.
South Africa and Oman face similar challenges as mineral and oil exporters respectively and are both seeking ways to diversify and strengthen other aspects of their economies.
Al-Sunaidy said that the mining sector is going to be top of their engagement agenda going forward adding, “We are at the beginning stages of expanding our mining sector and we feel there is a lot to learn from South Africa in that aspect.”
Davies pointed out that South African companies with an international footprint and expertise in mining, mining equipment and mining technology would be on hand to assist Oman.
“There are significant mutual opportunities of cooperation in agricultural and agro-processing industries, in South Africa in projects located in the Port of Sohar and Richards Bay,” he added.
The Summit will conclude with visits to projects of economic opportunity in Johannesburg and Cape Town.