Led by Deputy Minister Mzwandile Masina, the ITI, which began earlier this week and concluded on Thursday, has resulted in Koopmanskloof Wines concluding a deal worth millions with a Russian distribution agency. The wine company formed part of over 20 companies that visited Russia.
The ITI is part of the dti’s export and investment promotion strategy of focusing on Russia as a high growth export market and foreign direct investment source.
Speaking in Moscow, Managing Director at Koopmanskloof, Rydal Jeftha, said the deal with the Russian company requires Koopmanskloof Wines to start shipping over 60,000 bottles of wines from July 2016.
“We are also working on a long strategic partnership of providing half a million bottles by 2020 and give our partners more brands in our portfolio to distribute in the Russian market,” he said.
Jeftha said even though Koopmanskloof was already distributing in one supermarket in Russia, this deal will help the brand to expand and use this opportunity as a stepping stone to be successful in the Russian market.
“We are very excited as our set goal for this market is now coming into fruition and this will mean we can employ more people back at home, especially the youth. This is an example of a small black business empowerment enterprise that can give hope to others and instil positivity that it is not all gloom in South Africa,” he said.
Koopmanskloof is made up of four farms in which 120 workers have shares.
Meanwhile, South Africa and Russia have committed to strengthen economic ties as well boost trade in various fields of cooperation.
The commitment emanated from a meeting between Deputy Minister Masina and the Governor of St Petersburg, Georgy Poltavchenko.
The meeting was to discuss and identify various issues that could benefit and increase trade and investment between South Africa and Russia, particularly in the city of St Petersburg.
It was agreed in the meeting that both parties would consider signing a Memorandum of Understanding (MoU) that would focus on issues of capacity building in the marine sector and South African Operation Phakisa initiatives in the oceans economy.
“This MoU would also focus on our Industrial Policy Action Plan’s efforts to boost composite materials towards our metals, automotive and energy sectors. This will require South Africa to provide a roadmap of cooperation and bring together a number of government departments to interact with all stakeholders involved,” said Deputy Minister Masina.
