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Russia's Industrial Development Experience is Valuable for Africa, South African Trade Minister Says
Russia's Industrial Development Experience is Valuable for Africa, South African Trade Minister Says
Sputnik Africa
While South Africa has experienced significant levels of deindustrialization over the past 20 years, it can offer a stable environment for investors — with... 21.06.2025, Sputnik Africa
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South Africa and other African countries can benefit from Russia's valuable expertise in industrial development to help rebuild and strengthen local industries, South Africa's Minister of Trade and Industry Parks Tau told Sputnik Africa.Moreover, building industrial capacity across all African Continental Free Trade Area (AfCFTA) member states is essential for the agreement's success, he emphasized.Tau also pointed to the deepening economic partnership between South Africa and Russia.'BRICS Plus & AfCFTA: Powerhouse for Africa's Trade Future'The trade minister explained that BRICS Plus and the AfCFTA can complement each other to reshape trade on the continent.Commenting on reducing reliance on Western currencies within BRICS, he explained that the main goal is to overcome trade barriers by creating currency systems that work together, using collectively developed mechanisms.Diversity of Media Ensures Cultural ExchangeHe emphasized that diverse media helps eliminate information asymmetry between regions and is key to building mutual understanding and strong partnerships.
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'BRICS Plus & AfCFTA: A Powerhouse for Africa's Trade Future'
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'BRICS Plus & AfCFTA: A Powerhouse for Africa's Trade Future'
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'BRICS Plus & AfCFTA: A Powerhouse for Africa's Trade Future'
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'BRICS Plus & AfCFTA: A Powerhouse for Africa's Trade Future'
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Diversity of Media Ensures Cultural Exchange, SA's Trade Minister Says
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Diversity of Media Ensures Cultural Exchange, SA's Trade Minister Says
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africa in details, russia, russia-africa cooperation, south africa, southern africa, african continental free trade area (afcfta), trade, industry, development, economy, africa, brics, brics plus, partnership, media, видео
Russia's Industrial Development Experience is Valuable for Africa, South African Trade Minister Says
17:37 21.06.2025 (Updated: 18:31 21.06.2025) Elizaveta Roschina
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While South Africa has experienced significant levels of deindustrialization over the past 20 years, it can offer a stable environment for investors — with solid financial systems, clear regulations, and access to the entire African market through AfCFTA, the trade and industry minister said.
South Africa and other African countries can benefit from Russia's valuable expertise in industrial development to help rebuild and strengthen local industries, South Africa's Minister of Trade and Industry Parks Tau told Sputnik Africa.
"We have observed a number of areas in which Russia has developed and evolved in terms of industrial capability that we'd like to leverage," the official noted on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
Moreover, building industrial capacity across all African Continental Free Trade Area (AfCFTA) member states is essential for the agreement's success, he emphasized.
"This is also important in the implementation of the African Continental Free Trade Agreement and ensuring that all our sister countries on the continent that constitute part of this Africa Continental Free Trade Agreement are able to build that capability," the minister explained.
Tau also pointed to the deepening economic partnership between South Africa and Russia.
"This [SPIEF] is reflective of a historic relationship that has evolved over years with the Russian Federation, [...] but also more recent engagements at the level of developing countries and the challenges that we face, the network that has been built around the BRICS network of countries that are working together. And this is translating into a commitment to work together, to trade, to invest in our respective countries," he said.
'BRICS Plus & AfCFTA: Powerhouse for Africa's Trade Future'
The trade minister explained that BRICS Plus and the AfCFTA can complement each other to reshape trade on the continent.
"BRICS Plus has always said that it is important that developing countries are able to grow, are able to develop their competitiveness and their ability to trade as equals in the international trading system," the official remarked.
Commenting on reducing reliance on Western currencies within BRICS, he explained that the main goal is to overcome trade barriers by creating currency systems that work together, using collectively developed mechanisms.
Diversity of Media Ensures Cultural Exchange
"Diversity of media is always important. It creates a platform for us. It's also part of a cultural exchange. It's the ability to communicate with each other, to know what's happening in our respective regions and continents, and to be able to ensure that we're able to disseminate information from across the world," Tau said.
He emphasized that diverse media helps eliminate information asymmetry between regions and is key to building mutual understanding and strong partnerships.