South African Minister of International Relations and Cooperation Dr Grace Naledi Mandisa Pandor on Thursday laid emphasis on exploring potentials of African and Bangladeshi markets through increasing engagement in trade and commerce.
"Potential of Africa has not yet been recognized by Bangladesh while the potential of Bangladesh is not recognized by the African market," she told reporters after attending a semi-webinar at Bangladesh Institute of International and Strategic Studies (BIISS) here.
She said Bangladesh has a market of 160 million people while Africa has a market of more a billion people market. "(So) we want to see Bangladesh companies will establish branches in South Africa and other parts of Africa, similarly we want (to see) more goods imported by Bangladesh," she added.
Pandor participated in the 21st Indian Ocean Rim Association (IORA) Council of Ministers.
About the IORA, the South African minister said it will become an important body upholding its principles and its members do not want to be dominated by any powerful nation.
"We don't want to be dominated by anybody's fight with another country, nor do we wish to be told what to do," she said, reports agencies.
In the 2020-21 fiscal year, Bangladesh imported goods from South Africa worth $130 million as Dhaka's export stood at $110 million, according to the foreign ministry.
Dr Grace Naledi Mandisa Pandor emphasized co-operation for national park development, halal trade and cricket. She said South Africa has developed expertise on national park management and global recognition of halal food production.
She noted that Bangladesh has an amazing story to tell. "Bangladesh is well on its way to achieve 'Sonar Bangla' as the country is now called a development miracle."
About opening the South African embassy in Dhaka, the South African minister said her country will look for expanding consular facilities such as providing visa services to Bangladeshis in Dhaka so that they "do not require to look at the South African embassy in New Delhi".
But she said South Africa currently does not have any plan to open a mission in Bangladesh.
During the webinar the South African Minister praised the remarkable socio-economic development of Bangladesh under the leadership of Prime Minister Sheikh Hasina.
Pandor expressed satisfaction that two countries have already signed some important agreements under discussion and also mentioned that both countries have a lot of possibilities technical exchanges.
Foreign Minister Dr AK Abdul Momen attended the Semi-Webinar on “Bangladesh-South Africa Bilateral Relations: Exploring the Potentials for Future Engagement and Cooperation” as the chief guest.
Dr Momen said that the scope of trade and economic relations between Bangladesh and South Africa is expanding and still, there is a huge possibility to strengthen these relations to foster economic growth and to create employment opportunities.
Bangladesh has opened investment windows for different sectors including ready made garments, pharmaceuticals, fisheries, and tourism, he added.
Abdul Momen said South African entrepreneurs can share their experience with Bangladeshi entrepreneurs as the African nation has diversified the manufacturing industry.
Dr Abdul Momen said South African investors may invest in Bangladesh special economic zones and hi-tech parks.
"Apart from this, entrepreneurs from both countries may establish joint ventures in different sectors such as readymade garments, jute, pharmaceuticals, leather, food, agro-processing, plastic and chemical products. The ventures would provide work opportunities to Bangladeshis and South Africans," he said.
The foreign minister said Bangladeshi companies have started to expand their businesses in different African nations and a pharma company has already started its operation in Kenya.
BIISS Director General Major General Md Emdadul Bari delivered the welcome address and concluding remarks.