SA and Israel sign investment agreement

JOY ORLEK LAST WEEK saw the official signing of a protection and promotion of investments agreement between South Africa and Israel. The agreement foresees strategic co-operation between the two countries across many sectors, particularly energy (electrical power systems), water (reticulation systems) and the telecommunication sector. “The trade flow has grown consistently over the last decade,” trade and industry minister Mandisi Mpahlwa told an Israeli delegation headed by vice prime minister and minister of trade of Israel, Ehud Olmert, in Johannesburg last week. Total trade stood at R3.8 billion in 1999 and reached R4 billion in 2003. “We are convinced that the Israeli technologies could be very useful in the planning processes for the 2010 World Cup that we are about to host and would encourage joint ventures generally with South African businesses, particularly with black economic empowerment companies,” said Mpahlwa.