M a r k e t N e w s

South Africa And Tanzanian Agreed To Deepen And Strengthen Economic Ties Through Expanded Trade And Investment

Posted on : Tuesday , 27th August 2019

Cyril Ramaphosa and John Pombe Magufuli met in Tanzania for bilateral talks ahead of the 39th Ordinary Summit of the Southern African Development Community (SADC) held in the capital Dar es Salaam.

According to a statement issued by the South African Presidency, the two leaders agreed to work together to make sure economic growth and advance peace and stability in the two countries.
Ramaphosa said during the discussion on bilateral economic relations, "I firmly believe that much can still be achieved to further expand our cooperation, particularly in sectors such as energy, mining development, mineral beneficiation, economic infrastructure, tourism, agro–processing, education and healthcare.”
The two leaders also exchanged views on bilateral, continental and global issues, reaffirming their commitment to "cooperate more closely on multilateral issues.
They noted with satisfaction the coming into effect of the Africa Continental Free Trade Area (AfCFTA), an ambitious initiative to boost intracontinental trade and advance economic integration.
Addressing the South Africa-Tanzania Business Forum, the two leaders called on their respective business communities to work together to achieve inclusive growth and development.
"South Africa is ready and prepared to craft a new partnership model with Tanzania, where government and business work together to clear the way for more investment to flow between our two countries" Ramaphosa told the business community.
They also agreed on the need to foster business in the two countries in a bid to promote rapid industrialization and development.

Source : newzmart
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