The department of trade and industry will facilitate the participation of more than 2,000 firms in trade missions and other export promotion initiatives
President Cyril Ramaphosa recently talked of the urgent need to strengthen trade agreements, especially with the rest of the African continent, to boost SA’s sputtering economy.
In his budget speech on Wednesday, finance minister Tito Mboweni also spoke of the need to unlock new export markets to boost economic growth. The economies of the African continent are, together, growing at a rate far greater than our own, and we need to see the opportunity that such growth presents for our economy and for our people.He also announced complementary measures to make it easier to undertake cross-border financial transactions, which will support trade and investment.
Mboweni also spoke of the need to strengthen competition in the economy. According to the Treasury’s growth paper, published in 2019, new firm entry and effective rivalry among existing firms can generate significant consumer welfare benefit.
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