UAE Minister of Economy, Sultan bin Saeed Al Mansouri, has called on the South African business community to “harness” the UAE's strengths as a key export gateway to the Middle East and Asia.
“As South Africa’s largest trading partner in the Gulf Cooperation Council (GCC) region, the UAE offers South African traders “easy access” to an export market worth US$7.6 trillion," he said.
Speaking ahead of the UAE’s participation in president Cyril Ramaphosa’s massive global investment conference in Johannesburg which concluded this week (Saturday, 27 October), he said the UAE was a “favourable and strategic hub” for foreign direct investment and a modern hub of logistics and port services. There were “tremendous opportunities” to increase trade exchange in jewellery and precious metals as well as petrochemicals, he added, calling for more liberalised skies between Africa and the UAE to ensure sufficient freight access.
South African ambassador to the UAE, Saad Cachalia, told FTW that South African exports to the Emirate states had been steadily increasing over the past few years and that government was pulling out all the stops to ensure ease of trade and investment. “While about 90 South African companies are currently doing business in the UAE, there has been a noticeable rise in the presence of Emirati companies in South Africa,” he said.
Some US$10 billion worth of investment deals were signed between South Africa and the UAE during Ramaphosa’s state visit in June. Cachalia highlighted that the UAE generally levied customs duties on imported goods at the rate of 5%. Higher rates of duty apply to goods such as alcohol and tobacco.
A number of categories of goods are exempt such as certain agricultural products, printed material and pharmaceuticals. Exemptions may also be granted for goods imported for industrial or manufacturing purposes.
There has been a noticeable rise in the presence of Emirati companies in South Africa. – Saad Cachalia
