South Africa and
India are on track
to reach their
joint bilateral
trade target of US$18
billion by 2018, says the
Consul General of India
in Johannesburg, Dr KJ
Srinivasa.
Pointing to the tenfold
growth in trade between
the two countries over
the last decade and the
countries’ ongoing improved
relationship as partners
in the BRICS trade bloc,
he said that there was
“substantial potential” for
further growth in trade,
particularly after Indian
Prime Minister Narendra
Modi visited South Africa
about a year ago.
“About eight Memoranda
of Understanding (MoU)
were signed during the visit
where the prime minister
urged South African and
Indian businesses to expand
cooperation in major
projects in both countries to
optimise their capabilities,”
said Srinivasa.
He told FTW that Indian
investment in South Africa
was also on the rise, with
current Indian investment
levels amounting to around
US$9 billion. “The main
areas of our engagement
are pharmaceutical, IT,
automotive, banking and
mining, but there are other
sectors where our companies
are doing brisk business.”
The India Business
Forum – established in
South Africa last year
by Indian businessmen
with interests in South
Africa – has grown to 90
members and has, according
to Srinivasa, made great
strides in working with
the government and
private sector to ease the
process of doing business
in both countries as well
as encouraging ongoing
investment.
CAPTION
Trade relations between India and SA are on the up since the
state visit a year ago by Indian prime minister, Narendra Modi
(left), pictured here with president Jacob Zuma.
