South Africa, Pakistan Have Tremendous Potential To Increase Bilateral Trade: HC Madikiza

South African High Commissioner Methuthuzeli Madikiza Thursday said South Africa and Pakistan enjoy excellent trade relations, and both countries have tremendous potential to increase bilateral trade from the current level

RAWALPINDI, (UrduPoint / Pakistan Point News - 21st Oct, 2021 ) :South African High Commissioner Methuthuzeli Madikiza Thursday said South Africa and Pakistan enjoy excellent trade relations, and both countries have tremendous potential to increase bilateral trade from the current level.

He said in a meeting with Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf.

The high commissioner said the bilateral trade volume was below one billion dollars, and it could be increased to 2 billion Dollars in the next few years.

He stressed the need for initiating joint ventures by business communities of the two countries to further expand bilateral trade in sectors, including mining, construction, tourism, agriculture, pharmaceuticals and services.

The efforts of the RCCI in expanding trade activities and promoting trade relations were commendable, he said.

Madikiza assured that the South African High Commission in Pakistan would facilitate the business community in linking them with South African counterparts for promoting collaboration in areas of mutual interest.

He agreed with the RCCI's proposal regarding the regular exchange of updated trade information and mutual trade delegations to enhance trade between the two countries.

Earlier, Nadeem Rauf briefed the high commissioner about the investment opportunities in Pakistan.

"Joint ventures can also be launched in the fields of information technology and construction, including pharma, marble, engineering, poultry and textiles," he added.

Memorandums of understanding (MoUs) was also signed with South Africa and the Minara Chamber to promote chamber to chamber relations.