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Tuesday, 05 July 2016

Zuma leads delegation to France to promote trade

President Jacob Zuma will lead South African Ministers and a business delegation on an official State visit to France from July 11 to 12. The key objective for the visit would be to promote South Africa’s exports and to attract investment in the automotive, ship-building, aquaculture and energy sectors. Another key objective was the signing of a declaration of intent between South African investment and promotion facilitator Invest SA and Business France, as well as an agreement between the Industrial Development Corporation and its French counterparts on cooperation on industrial development. South African imports from France increased to R24.5-billion in 2015 from R23.9-billion in 2014. South Africa had a deficit trade balance with France that stood at R15.3-billion in 2015. South Africa’s total exports contracted by 3.7% in 2015 to R9.1-billion from R9.5-billion in 2014. France was the fourth-biggest trading partner in the European Union after Germany, the UK and Italy. As an import partner, it was South Africa’s eleventh trading partner and its twenty-seventh export partner. South Africa`s export basket into France was dominated by products that included vehicles, machinery, nuclear reactors, boilers, mineral fuels, oils and distillation products.