Qatar, South Africa post QR646mn trade in H1 2022, says envoy

Bilateral trade between Qatar and South Africa in the first six months of 2022 stood at QR646mn, South African ambassador Ghulam Hoosein Asmal has told Gulf Times in a recent interview.According to figures provided by the South African embassy in Doha, South Africa exported goods worth QR502mn and imported products, mainly petrochemicals from Qatar, totalling QR144mn during H1 2022. In 2021, Qatar and South Africa recorded a total trade volume of QR1.25bn, comprising QR868mn worth of exports and QR387mn in imports. Qatar is South Africa’s 10th-largest trading partner in the Middle East in terms of exports and the 5th-largest in terms of imports, Asmal pointed out.He said South African exports vegetables, live animals, chemicals, vehicles, aircraft and vessels, textiles leather, precious metals, and medical equipment, among others, to Qatar.“Diplomatic relations between South Africa and Qatar were established in May 1994, just a few weeks after the new South Africa was established. The trade surplus is in favour of Qatar because of petrochemicals exports to South Africa. One of South Africa’s largest investments in the Middle East is a partnership between SASOL and QatarEnergy,” the ambassador explained.Asmal stressed that South Africa is an attractive investment destination and that the country is ready to forge stronger trade relations with Qatar. He said South Africa’s economy is estimated to be worth “$417.9bn” and is the 32nd largest in the world with GDP estimated to account for “12%” of Africa’s GDP. Exports of goods and services represent “31.2%” of the GDP in 2021, he further said.Citing several reasons why South Africa is an ideal destination for investments, Asmal said the country is a vibrant emerging market, it has the most developed economy on the African continent, and it has the largest presence of multinational corporations in Africa.Asmal also said South Africa has a progressive constitution and independent judiciary, possesses abundant natural resources, and boasts of world-class infrastructure and logistics, including a young and willing labour force, as well as an excellent quality of life.Aside from South Africa’s advanced financial services and banking sector, Asmal said the country also provides investors access to global markets.“South Africa has concluded several trade agreements that support export market growth prospects. The best example is the African Continental Free Trade Agreement (ACFTA), which was founded in 2018 with trade commencing in 2021. “It creates a single market for goods and services to deepen economic integration in Africa; 54 of the 55 African countries have signed the ACFTA and the combined GDP of its members is approximately $3.4tn and a population of about 1.5bn people,” Asmal added.