During the Third PCM, South Africa and South Korea reviewed the trade and investment between the two countries and noted with satisfaction the increase in the trade figures for 2004.  Both sides noted that while complementary, there was considerable opportunity for the expansion and diversification of trade.  

In order to facilitate trade and investment co-operation, it was agreed that meetings of the Working Group on Trade and Investment will be regularised. In this regard, the next meeting is planned for early 2006.

Both sides expressed their enthusiasm to establish a Business Forum between the private sectors of the two countries.  The aim is to convene the first meeting in South Africa in 2006 to coinciding with the Korean Industrial Product Exhibition.  

Korea expressed interest in investigating a possible FTA with South Africa.  The Korean Institute of External Economic Policy is currently undertaking research into such a FTA.  In response, the South African side agreed that a research institute would be identified to start the process.

Korea informed that Korean companies are interested in supplying South Africa with IT, media and security technology for the 2010 World Cup.  The South African Government’s future procurement processes for the 2010 World Cup will be explored and forwarded to the Korean side.