South African businessmen travelled to Brazil for a three-day Investment and Trade Initiative (ITI), which began Wednesday 16 March. The businessmen are attending with the hope of increasing the exports of value added products to that market. According to Trade and Industry Minister Rob Davies, South African companies have made significant inroads into the Brazilian market.
The programme of the ITI includes a trade and investment seminar, business-to-business meetings and sector-specific business site visits to companies in São Paulo and Porto Alegre.
“The ITI will focus on showcasing South Africa’s diverse range of capabilities to produce world class products and services in the targeted sectors which include agro-processing (rooibos tea, dried fruits, spices and sparkling 100 percent fruit juice),” Davies said in a statement.
Brazil is South Africa’s largest trading partner in Latin America. Both countries belong to BRICS – an association of five major emerging national economies made up of Brazil, Russia, India, China and South Africa.
Though trade between South African and Brazil has seen steady growth in recent years, exports to Brazil still represent a small percentage of South Africa’s global exports.
