L. Fituni, I. Abramova Resource Potential of Africa and Russia's ...
L. Fituni, I. Abramova Resource Potential of Africa and Russia's ... L. Fituni, I. Abramova Resource Potential of Africa and Russia's ...
– Automotive and components – Capital equipment and machinery – Agro-processing. In an effort to advance the economic relationship and support cooperation in these areas, Russia and RSA aim to strengthen and deepen economic linkages through strong business and governmental co-operation between the two countries. In this regard one of the main vehicles used is the Intergovernmental Committee on Trade and Economic Co-operation, known as (ITEC). Participating government departments include Minerals and Energy, Science and Technology, Trade and Industry, Health, Education, Transport, Agriculture, Defence and Water Affairs. The Committee is chaired by the Minister of Foreign Affairs on the South African side, and the Minister of Natural resources from the Russian side. Meetings of this committee are held annually and interchangeably in the capitals of both countries. Within the trade component the Department of Trade and Industry participates in the Trade, Investment and Banking subcommittee together with the South African Reserve Bank. In essence the aim of the Trade, Investment and Banking subcommittee is to create an environment that would support increased and mutually beneficial trade and investment, through facilitating government and business linkages and identifying barriers to trade. During the Fifth Session of ITEC, held in October 2005, several important initiatives were undertaken in an effort to achieve these goals. Both sides noted the importance of expanding the value of trade as well as the range of traded products. In support of this, the two sides agreed to encourage the exchange of business delegations with the purpose of holding trade and investment fairs in both countries. More specifically, South Africa undertook to lead a business delegation and hold a trade and investment fair in Russia in 2006 as a way of raising the profile of South Africa-Russia business interactions. The focus of the fair will be to promote trade and investment co-operation in value added manufacturing and services sectors. 43 The Department of Trade and Industry of the Republic of South Africa and its Russian counterpart further agreed to develop a program of co-operation in the automotive sector in an effort to enhance 195
sectoral co-operation. In the financial sector, growing co-operation between Russian and South African financial institutions in a number of areas, including joint projects in third countries is intensifying. As part of this process inter-banking consultations were held in April 2005 in South Africa, which included presentations from Russian banks. South Africa's Standard Bank, Africa's largest bank by assets, took over a 33 percent stake in Russian investment bank Troika Dialog, the most established and largest independent investment bank in Russia, in an asset swap and cash deal. The transaction marked the first major foreign investment in the Russian financial sector since the start of the global economic crisis in 2008. The deal initially comprised a US$200 million convertible loan extended by Standard Bank's International Operations to the Troika Dialog Group. Standard Bank also gave a 100 percent stake in its Russian subsidiary commercial bank (ZAO Standard Bank) and all of its Russian business to Troika. "The combined operation will have a capital base in excess of $850 million and will be strongly positioned to compete in the Russian financial services sector and to pursue banking consolidation opportunities in Russia," Standard Bank said. 44 The transaction was approved by the Central Bank of the Russian Federation, the Russian antitrust authorities and the South African Registrar of Banks. Standard Bank said the investment was aligned with its strategy to expand its international networks and capabilities and, where appropriate, find the right partners to support the expansion of these networks. "This transaction enables Standard Bank to have an enhanced access to this large emerging economy, along with a close alliance with a leading Russian company," the statement said. 45 The 5th meeting of ITEC also offered an opportunity for the signing of an Agreement on Co-operation between the Chamber of Commerce and Industry of the Russian Federation, and the Chambers of Commerce of South Africa (CHAMSA). The agreement included the establishment of a South Africa – Russia Business Council. During this engagement a business forum was successfully held, 196
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sectoral co-operation. In the financial sector, growing co-operation<br />
between Russian <strong>and</strong> South <strong>Africa</strong>n financial institutions in a number<br />
<strong>of</strong> areas, including joint projects in third countries is intensifying.<br />
As part <strong>of</strong> this process inter-banking consultations were held in<br />
April 2005 in South <strong>Africa</strong>, which included presentations from Russian<br />
banks.<br />
South <strong>Africa</strong>'s St<strong>and</strong>ard Bank, <strong>Africa</strong>'s largest bank by assets,<br />
took over a 33 percent stake in Russian investment bank Troika Dialog,<br />
the most established <strong>and</strong> largest independent investment bank in<br />
Russia, in an asset swap <strong>and</strong> cash deal. The transaction marked the<br />
first major foreign investment in the Russian financial sector since<br />
the start <strong>of</strong> the global economic crisis in 2008.<br />
The deal initially comprised a US$200 million convertible loan<br />
extended by St<strong>and</strong>ard Bank's International Operations to the Troika<br />
Dialog Group. St<strong>and</strong>ard Bank also gave a 100 percent stake in its<br />
Russian subsidiary commercial bank (ZAO St<strong>and</strong>ard Bank) <strong>and</strong> all<br />
<strong>of</strong> its Russian business to Troika.<br />
"The combined operation will have a capital base in excess <strong>of</strong><br />
$850 million <strong>and</strong> will be strongly positioned to compete in the Russian<br />
financial services sector <strong>and</strong> to pursue banking consolidation<br />
opportunities in Russia," St<strong>and</strong>ard Bank said. 44<br />
The transaction was approved by the Central Bank <strong>of</strong> the Russian<br />
Federation, the Russian antitrust authorities <strong>and</strong> the South <strong>Africa</strong>n<br />
Registrar <strong>of</strong> Banks. St<strong>and</strong>ard Bank said the investment was<br />
aligned with its strategy to exp<strong>and</strong> its international networks <strong>and</strong><br />
capabilities <strong>and</strong>, where appropriate, find the right partners to support<br />
the expansion <strong>of</strong> these networks.<br />
"This transaction enables St<strong>and</strong>ard Bank to have an enhanced<br />
access to this large emerging economy, along with a close alliance<br />
with a leading Russian company," the statement said. 45<br />
The 5th meeting <strong>of</strong> ITEC also <strong>of</strong>fered an opportunity for the<br />
signing <strong>of</strong> an Agreement on Co-operation between the Chamber <strong>of</strong><br />
Commerce <strong>and</strong> Industry <strong>of</strong> the Russian Federation, <strong>and</strong> the Chambers<br />
<strong>of</strong> Commerce <strong>of</strong> South <strong>Africa</strong> (CHAMSA). The agreement included<br />
the establishment <strong>of</strong> a South <strong>Africa</strong> – Russia Business Council.<br />
During this engagement a business forum was successfully held,<br />
196
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