World Business and Economic Analysis
World Business and Economic Analysis
PRESIDENT Jacob Zuma will lead a high-level delegation on a state visit to Iran from Sunday to Monday.
The Presidency says the visit will serve to cement the strong fraternal relations between the two countries, which originated during the apartheid era when Iran "refused to oil the apartheid machinery and cut ties with apartheid South Africa".
Mr Zuma will be accompanied by various cabinet ministers and a high-level business delegation.
In 1994‚ with the advent of freedom and democracy in South Africa‚ Iran lifted all sanctions and the two countries re-established diplomatic ties. Since then‚ the two countries have enjoyed mutually beneficial‚ fraternal and strategic relations.
"The re-establishment of bilateral relations brought about an increase in trade relations between the two countries. The imposition of nuclear-related sanctions against Iran impacted negatively on trade relations between the two countries.
"At the end of 2011‚ South Africa imported one third of its domestic oil requirements from Iran‚ however by June 2012 South Africa could no longer import crude oil from Iran. Overall‚ South African exports to Iran declined from R1.27bn in 2008 to R270m in 2014‚" said Presidency spokesman Bongani Majola.
He added that the forthcoming visit was taking place during an opportune moment‚ following the strong momentum in bilateral relations‚ including the constructive outcomes of the official visit to Iran by Deputy President Cyril Ramaphosa‚ the 12th Joint Commission meeting in Iran in May 2015‚ the sixth Deputy Ministerial Working Group visit to Iran in August 2015 and other high-level Ministerial and Deputy Ministerial visits to Iran and South Africa in 2015.
"Furthermore‚ the lifting of nuclear-related sanctions against Iran provides immense potential for closer commercial and investment co-operation between the two countries.
"The state visit of the president to Iran is an important structural catalyst in elevating bilateral and economic relations into a substantive strategic partnership and serves as evidence of the friendly relations between South Africa and the Islamic Republic of Iran, based on mutual respect‚" Mr Majola said.
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South Korean President Park Geun-hye, accompanied by five ministers and a 300-member economic mission, is due to visit Iran in early May, according to director general of International Affairs Office at Korea International Trade Association KITA, Hakhee Jo. “Ten memoranda of understanding are expected to be signed during the trip,” Iran Chamber of Commerce, Industries, Mines and Agriculture’s news service quoted the South Korean official as saying during a meeting with the chamber’s deputy for international affairs in Tehran last week. Park would be the first South Korean president ever to visit Tehran. In late February, Korean Minister of Trade, Industry and Energy Joo Hyung-hwan led 250 delegates from 100 South Korean companies during a two-day visit to Iran and attended the South Korea-Iran Business Forum organized by KITA. During the trip, Tehran and Seoul signed a finance agreement based on which South Korean trade insurance corporation K-Sure pledged to invest up to $5 billion in Iran’s development projects.
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Foreign ministers of Group of Seven (G7) hailed nuclear deal between Iran and Group 5+1 known as Joint comprehensive Plan of Action (JCPOA), describing it as the strong cornerstone of diplomacy in the world.
Two-day meeting of G7 opened on April 10 in Hiroshima and ended last night after releasing a statement.
In the statement, G7 member states voiced their support to outcomes of JCPOA, hoping that all parties would adhere to their commitments.
JCPOA is in fact revealed that the countries are committed to the international and Non-Proliferation Treaty Regulations and are striving for a world without such weapons.
JCPOA has now turned into a strong cornerstone for active diplomacy and using negotiations for solving international problems, the statement said.
Underlining the countries right to peaceful nuclear energy, foreign ministers called on the industrialist countries to observe International Atomic Energy Agency's regulations and cooperate with the UN nuclear agency.
The G7 is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States which represent 50 percent of global economy.
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