The steel industry is key to South Africa’s sustainable economic development, Trade and Industry Deputy Minister Mzwandile Masina said on Thursday.

“… Steel products remain the most tradable commodities globally,” said the Deputy Minister.

He was speaking at the 77th Organisation for Economic Cooperation and Development (OECD) Steel Committee conference hosted by the Department of Trade and Industry (the dti) in Cape Town.

In the last three decades, developing countries have been the key driver of steel supply and demand.

The Deputy Minister said the sector was a significant job creator and foreign exchange earner.

“The global primary steel industry provides about two million direct jobs. It is an undisputed fact that a country that processes semi-refined minerals or goods and converts them into complete, value-added products cost efficiently will consistently grow its economy,” said the Deputy Minister.

“While South Africa remains the third largest exporter of iron ore globally and the largest primary steel producer on the continent, the downstream segment of the steel industry holds enormous potential for investments, deepening of manufacturing capabilities and job creation.”

Chairperson of the OECD Steel Committee, Risaburo Nezu, said South Africa was endowed with an abundance of raw materials to produce steel.

The Steel Committee comprises 27 OECD country members, four associates (Brazil, Romania, Russian Federation and Ukraine), as well as seven participants, among them South Africa and Egypt. Other non-OECD countries participate per invitation. – SAnews.gov.za

President Jacob Zuma has arrived in China where he is leading a delegation of ministers and businesspeople on a State visit aimed at strengthening bilateral relations, the Presidency said on Tuesday.

The two-day visit, scheduled for Thursday and Friday, signals a further consolidation of South African-Sino relations.

This is President Zuma’s second State visit to China. In 2010, he took 17 Ministers and about 300 businesspeople and signed the Beijing Declaration on a comprehensive strategic partnership with China.

“One of the major objectives of the State visit is to ensure that our relations with China remain central to realising our developmental agenda through our foreign policy, as we increase our efforts to implement the National Development Plan (NDP), cooperating in the areas of agriculture, environmental affairs, trade and industry, including finance,” said President Zuma on Tuesday before his departure.

During this visit, President Zuma -- who is being accompanied by the Minister in the Presidency, Ministers of Finance, Trade and Industry, Environmental Affairs, Transport and Agriculture, Forestry and Fisheries as well as the Executive Mayor of Tshwane -- will meet with his Chinese counterpart, President Xi Jinping, and exchange views on regional and global issues.

The visit will afford President Zuma and his delegation an opportunity to also engage with the Chinese government on various areas such as the adoption of the China-South Africa 5-10 Year Framework on Cooperation that will further entrench the implementation of agreements entered into since the conclusion of the Beijing Declaration in 2010 and expand on the Comprehensive Strategic Partnership.

According to the Presidency, the visit will also offer an opportunity to obtain support for South Africa’s industrialisation agenda by securing investment in the development of science and technology, agro-processing; mining and mineral beneficiation, renewable energy, finance and tourism.

Other issues will include the reviewing of the progress and cooperation in infrastructure development. This includes reviewing progress in the locomotive procurement project, particularly cooperation in equipment manufacturing and the localisation of procurement through joint ventures with South African companies.

South Africa and China share a political and economic relationship, as China has become South Africa’s single largest trading partner in the world, while South Africa is China’s largest trading partner in Africa.

“The accession by South Africa to the membership of BRICS was an important milestone in the relations between the two countries. It was in December 2010 during China's tenure as Chair of what was then BRIC, that South Africa became a member of this important grouping, BRICS,” the Presidency said.

This is also cemented by the recent establishment of the BRICS Development Bank to be headquartered in Shanghai and the decision to locate its African Regional Centre in South Africa. This not only raises the level of cooperation between China and South Africa in addressing global challenges, but it is yet another clear indicator of South Africa’s growing significance in driving the African Agenda. – SAnews.gov.za

National Treasury on Friday published a multi-billion rand request for proposals (RFP) for the provision of an enterprise resource system (ERP). “National Treasury is publishing a multi-billion rand RFP for the provision of an ERP system, including on-going upgrades and support. The revised RFP is directed at bidders who are, inter alia, Tier 1 ERP [...]National Treasury publishes proposals is a post from: South Africa Business

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LOME, Togo, November 26, 2014 - As part of the implementation of its annual bond issue program, the West African Development Bank (BOAD) is launching a bond loan issue of FCFA 40 billion through a public offering from 1 to 19 December 2014. The bond value will be FCFA 10,000 at 5.95% interest, net of taxes. Bonds may be purchased at BOAD headquarters in Loma, at its resident missions located in the buildings of the national agencies of the BCEAO, or through WAEMU-approved MICs.(1)

The funds raised in this new operation will enable BOAD to increase its efforts in support of merchant public sector and private sector projects in the West African Economic and Monetary Union.

With 26 bond lines issued as of the end of October 2014 for over FCFA 750 billion in resources mobilised since its first operation in 1993, BOAD is currently the leading non-sovereign issuer in the regional capital market. Two operations successfully conducted in January and July of this year have made it possible to mobilise around FCFA 180 billion.

Returns, safety and liquidity of BOAD securities are guaranteed based on the institution's performance, and income from these securities is exempt from taxes and duties.

(1) Management and intermediation company

Why The Suspension of South Africa’s Gambling Board Is Good For The Country’s Online Casinos South Africa’s offline gambling industry has a long and chequered history, which now looks likely to be mirrored in its online casino endeavours. The South African Gambling Act of 1965 saw all forms of gambling banned except the countries traditional [...] Suspension of South Africa’s Gambling Board Could Be Good is a post from: South Africa Business

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South Africa's President Jacob Zuma has arrived in Brisbane, Australia, for the G20 Leaders' Summit, where the state of the global economy against...

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International Relations and Cooperation Minister Maite Nkoana-Mashabane says it is essential for South Africa and Botswana to pay particular attention to growing economic ties and investments as these will form a firm foundation for mutual benefits.

Addressing the 2nd Bi-National Commission between South Africa and the Republic of Botswana in Gaborone, Minister Nkoana-Mashabane said the existence of 34 signed Agreements and Memoranda of Understanding between the two countries demonstrated the depth and extent of bilateral cooperation.

“Our task today is to review progress made in the implementation of the bilateral Agreements/MoUs. It is only by working together that we can succeed and move our cooperation forward.

“We have made good progress, but more remains to be done,” Minister Nkoana-Mashabane said on Wednesday.

A strong cooperation exists between South Africa and Botswana. The two countries continue to cooperate in various fields such as energy, water, justice, immigration, culture, transport, science and technology, defence and security, agriculture, tourism, minerals, education, sports and recreation, health, trade and industry, and issues related to regional integration.

South African companies also remains one of Botswana's major trading partners with companies involved in various sectors such as housing, food and beverages, construction, retail, hotels and leisure, banking, medical services.

“Tourism development is a critical area of focus. We need to join hands to improve tourism between our countries and this will create employment opportunities so dearly needed in our respective countries,” the Minister said.

President Jacob Zuma and his Botswana counterpart, President Ian Khama are expected to meet today in Gaborone, Botswana, in their quest to strengthen cooperation between the two regional economic leaders.

The second session allows the two states to track progress made in strengthening the social, economic and political ties between the two neighbouring countries. – SAnews.gov.za

President Jacob Zuma will lead a South African delegation to the G20 Leaders’ Summit to be held in Brisbane, Australia, on 13-16 November 2014.

According to the Presidency, the G20 leaders will discuss the state of the global economy against the backdrop of a disappointing weak recovery.

“The focus of the Summit will be on how the G20, both collectively and individually, can take additional measures to significantly raise global growth by implementing policies aimed at lifting GDP by more than two percent over the next five years.

“The G20 member countries have agreed to take concrete actions to promote the collective growth ambition, including measures on investment, competition, trade and employment,” the Presidency said.

To achieve this, individual G20 member countries have developed country-specific growth strategies, which will form the basis of a proposed G20 Brisbane Action Plan, to be submitted to Leaders for endorsement.

On Friday, the CEOs of major companies from G20 countries have been invited to engage with G20 leaders.

Prior to the official G20 Summit on Saturday, Australia’s Prime Minister Tony Abbott will host an informal retreat for the G20 Leaders.

“The objective of the retreat will be to give leaders the opportunity to engage one another in a free flowing, direct exchange about their current challenges and economic reform priorities, and to share views about how the G20 can help to address the implementation thereof,” the Presidency.

It is also expected that a BRICS Leaders meeting will be held on the margins of the G20 Leaders’ Summit.

The meeting will afford BRICS Leaders an opportunity to reflect on the progress made with regard to the implementation of the 2014 Fortaleza Declaration, especially as it pertains to the establishment of the New Development Bank and its Africa Regional Centre.

As the only African member of the G20, South Africa has utilised its participation in the G20 to raise issues of particular concern to Africa and the South.

In the case of South Africa, government has set a national growth target of five percent by 2019 and various measures and interventions are being undertaken to jump-start the economy.

“In particular, the implementation of a National Development Plan is key to achieving South Africa’s own national growth target and also in addressing the challenges of poverty eradication, job creation and inequality,” the Presidency said.

The President will be accompanied by Finance Minister Nhlanhla Nene and International Relations and Cooperation Minister Maite Nkoana-Mashabane. – SAnews.gov.za

They usually say wealth tends to create more wealth and that to succeed quicker in business, one has to come from a well off family or financial background. But a young entrepreneurs from Phalaborwa, a small town in Limpopo, has proven that having a rich background is not the only way to the top. At [...] Sello Malatji – Humble beginnings to great success is a post from: South Africa Business

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