The High Commissioner of India in South Africa, Ruchira Kamboj, on Tuesday launched a business summit to be held by the two countries at the end of April in a bid to foster bilateral economic cooperation.
The first ever two-day business summit, which the Indian high commission is organising in partnership with various South African government entities, will seek to maximise the potential of economic and commercial partnership between the two countries by leveraging on automotive, healthcare, mining, agro- and food processing, and future skills industries among others.
Speaking at the launch in Johannesburg, Kamboj said that South Africa's fourth trading partner had been planning the summit for a long time.
Kamboj said that India had gained confidence in South Africa's potential as an investment destination since the change of political leadership earlier this year when Cyril Ramaphosa took over as president from Jacob Zuma.
"I am very confident that there is potential to double our trade figure's between the two countries. There are many sectors through which our countries can partner and cooperate. In the end, the two countries will share together in the prosperity of each country's growth," Kamboj said.
"My country has been growing at a rapid rate, roughly seven to eight percent, especially in the last few years. It's a two trillion dollar economy of 1.3 billion people. We have perfected trading. We have been doing business since the beginning of time."
Madileke Ramusha, director of investment at the Department of Trade and Industry, said that the conference would look at addressing barriers to market access for companies as well as learning one or two things from Indian small businesses since the country was ahead of the curve on that front.
"We have already set out to sign a memorandum of understanding with some Indian companies during the summit. We hope that South African companies will use this opportunity to seek new markets and grow their businesses," Ramushu said.
The India-South Africa business summit will take place in Johannesburg on 29-30 April.
