According to report from Johannesburg, South Africa, a joint chamber of commerce will soon be established by South Africa and Benin Republic. This would strengthen and consolidate business relations existing between these countries. This was agreed at the two day 2^nd South Africa-Benin Joint Trade and Investment Committee (JTIC) held in Sandton at Johannesburg in Gauteng.

According to the incoming chairperson of the JTIC Mrs Sindiswa Mgugu, the commerce will promote the economy viability of both countries so that the existing businesses will grow and new ones will be developed. She outlined that South Africa is determined to strengthen economic relationship with Benin.

“ As South Africa, we have identified five development projects in Beninwhich are Port refurbishment, Rail refurbishment, Building Glo Djigbe International Airport, Agro-processing and SEDA-ANPME collaboration which will be the centre of focus during the current financial year” she said.

The session was followed by a business seminar where South African business people were urged to explore business opportunities in Benin. South African Ambassador to Benin Chief Gladstone Gwadiso said that the two countries have solid relations.

“Benin supported South Africa during the struggle against apartheid and mutual cordial relationship between the two countries existed long before South Africa’s democracy. Business people from both countries need to take advantage of this relationship and work together to explore opportunities that exist in South Africa and Benin,” he said. 

Also at the occasion, the Director-General of Benin Trade Transactions Promotions Agency (ABePEC) and Co-Chair of the JTIC Mr. Robert Akinde told said that South Africa was important to Benin and that Beninoirs were eager to invest in and have corporations with South Africa.

He said,”There are investment opportunities in logistics and trade, textile, Agro processing, oil produce, energy, tourism and maize sectors amongst others and we urge you to come to Benin and invest.”

Furthermore, Akinde said that Benin was in serious need of cement and building materials amongst others and that it would be beneficial for South Africa to come in and invest in the country, adding that Benin was willing to assist companies that are ready to import to the country.

Analysis shows that total trade between the countries increased by 51% in 2011 and 2012. South Africa’s exports increased by 37% while imports increased by 13, 7% during the same period. This can be attributed to the fact that between 2011-2012, South Africa’s exports of motor vehicles for the transport of goods increased by 2496.87 % while rod of iron/steel increased by 1356.9%.

This shows the diversity of South Africa as it gradually move away from exporting raw materials to increased value-added products to Benin, which is in line with the country’s Industrial Policy Objectives.