South Africa is open for business and ready to forge beneficial bilateral relations with its partners in Côte d’Ivoire

With its partners in Côte d’Ivoire, South Africa is open for business and prepared to establish mutually beneficial bilateral ties.

Delegates at the South Africa-Côte d’Ivoire Trade and Investment Business Forum, which was held on Friday and was hosted by the Department of Trade, Industry, and Competition (the DTIC), agreed with these thoughts.

Alassane Ouattara, the president of Côte d’Ivoire, paid a state visit to South Africa, which was hosted by President Cyril Ramaphosa.

Speaking to the participants, Phiwe Marumo, Head of Continental Coverage for the Industrial Development Corporation (IDC), noted that South Africa and Côte d’Ivoire have long had solid economic and political ties.

“But we equally recognise that much more work has to be done to strengthen and advance a commercial relationship that can be exploited between the two countries,” the statement continues.

Between 2017 and 2021, the bilateral trade, according to Marumo, remained constant at more than R2 billion, with the exception of 2019, when it was less than a billion.

“I’m positive and in agreement that this is a low end and that more work needs to be done to raise our bilateral levels to an equitable level that reflects the cooperation and opportunity range that the African Continental Free Trade Area (AfCFTA) has unquestionably brought going future.”

Between 2016 and 2020, South Africa’s main exports to Côte d’Ivoire included value-added goods like machinery, vehicles, base metals, plastics, and vegetable products, while imports from Côte d’Ivoire were primarily made up of products like plastics, prepared foods, wood, and wood products, and vegetables.

Despite the difficulties caused by COVID-19, we managed to sell more over R1.8 billion to Côte d’Ivoire in just 2020.

She also noted that both nations were working to create a suitable enabling framework that would support collaboration efforts centred on economic prospects and deepen partnerships in line with their stated goals.

She also anticipated that while both countries looked into creative financial solutions, discussions would focus on the real-world answers to problems like rising prices for goods, soaring inflation, and an impending global recession.

Business

Gregory Mofokeng, vice president of the Black Business Council, urged both nations to cooperate in order to build a successful continent.

I want to reassure Côte d’Ivoire businesspeople that South Africa is open for business and prepared to create solid, mutually beneficial advantages for the continent’s economy as a whole.

Mofokeng also expressed concern over the ease of doing business with organisations outside of the continent by African entrepreneurs.

“Business must collaborate diligently to guarantee that the vision is carried out in order to realise the goals of AfCFTA.”

According to Solange Amichia, CEO of the Center for the Promotion of Investments in Côte d’Ivoire (Cepici), the nation has a new National Development Plan (NDP) and is attempting to reduce poverty to 30% by 2025.

President Alassane Ouattara is determined to move forward with his economic and social transformation quickly. By 2030, he wants Côte d’Ivoire to have an upper-middle income.

Faman Toure, president of the Côte d’Ivoire Chamber of Commerce and Industry, emphasised the significance of close collaboration and the creation of a solid partnership between South African and Ivorian businesses in order to increase two-way trade and investment.

He continued, “The country is implementing an NDP that is focused on industrialization and beneficiation, so there are limitless commercial prospects for enterprises from both countries to take advantage of.”