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South Africa seeks joint ventures with Bangladesh

Published : 25 Aug 2021 09:45 PM | Updated : 26 Aug 2021 03:34 AM

South African Trade Minister Ebrahim Patel has underlined the importance of joint ventures with Bangladesh in a meeting with Foreign Minister Dr AK Abdul Momen who is in Pretoria in an official visit.

 Patel particularly suggested sharing knowledge between Bangladesh and South Africa in IT sector, the foreign ministry said.

Both the ministers underlined the importance of institutional cooperation in the form of exchange of the visits of trade and business delegations and conclusion of Agreements in the trade, investment and commerce areas.

Dr Momen informed him about various facilities and incentives that are provided to the foreign investors in Bangladesh. They agreed to continue cooperation with a view to enhancing trade, economic and business relations between the friendly countries. 

 Dr. Momen also exchanged views with Bangladeshi entrepreneurs in Pretoria on August 23.

 The Bangladeshi entrepreneurs informed that there exists opportunity for Bangladeshi investors to buy and develop land in South Africa.

 They suggested that real estate business in South Africa could also be explored by Bangladesh investors.

 They also expressed view that by following the required banking procedures, Bangladesh expatriates would be able to keep money in their own accounts. 

 They also advised that branches of Bangladeshi banks can be opened in South Africa with full operational capacity.

 The Bangladeshi entrepreneurs and businessmen also mentioned that mining industry is the biggest sector in South Africa and the Bangladeshi investors can also explore this area.

 They also informed the foreign minister that “it is easy to prepare business documents in South Africa and hence it is easier to initiate business in South Africa”.