172017Oct
SA, Chile agree on trade and investment goals at 4th JTIC

SA, Chile agree on trade and investment goals at 4th JTIC

The countries have agreed to enhance trade and investment through oyster breeding, geology and mining, among other future endeavours.

South Africa and Chile have agreed to enhance trade and investment opportunities for each other in the near future. This decision was taken at the 4th South Africa – Chile Joint Trade and Investment Commission (JTIC) meeting, which was held in Pretoria.

Several senior officials from both countries represented their respective governments at the event. The teams agreed to focus on strengthening bilateral economic relations, facilitation of the diversification of trade between the two countries and identifying special areas of economic cooperation, including the exchanging of skills on research and development of oyster breeding.

South Africa made clear its intention to invite Chilean experts to share information on oyster breeding as well as training opportunities that could be conducted through short courses of three months or less.

Chief Director of Bilateral Trade Relations with SA’s Department of Trade and Industry, Mr Victor Mashabela, said the purpose of the establishment of the JTIC was for incorporation and maintenance of dialogue between countries on aspects of trade and regular commercial exchange.

He said the other purpose was to promote investment and growth and facilitate the diversification of trade between the Chile and South Africa.

Mr. Mashabela added that there was also support for the formation of a business council between both countries.

Both countries also agreed to implement a Memorandum of Understanding on geology and mining and would soon be working together to develop and initiate a plan to start the work.

The 5th JTIC meeting is expected to be convened in Chile in 2018.

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