India created over 10,000 jobs in South Africa
The Dollar Business Bureau
Indian companies have generated more than 10,000 jobs in South Africa with a total investment of more than $4 billion since 2003, South Africa’s Trade Minister Rob Davies said on Monday.
"A total of 82 Indian projects in South Africa with a total capital expenditure of 62 billion rand ($4.2 billion) between January 2003 and January 2016 were recorded from 60 companies. These investments have created 10,660 jobs," Davis said, ahead of Prime Minister Narendra Modi’s upcoming visit to this African nation later this week.
The prime minister is expected to take along a high level business delegation, to participate in two business meetings, including a Business Forum in Pretoria, preceded by a meeting of the South Africa-India CEOs Forum.
India has 17software and IT services projects and 14 financial projects in South Africa.
India is South Africa’s sixth largest trade partner. Last year, the bilateral trade stood at almost 95 billion rand, with trade tilted in favour of India.
Last year, India’s exports to South Africa have increased to 54 billion rand from 29 billion rand in 2011, while imports increased to 14 billion rand from 24 billion rand in 2011.
Davies said his government and industries have been making efforts to encourage South African value-added exports to India. He said his country’s involvement in the India International Trade Fair (IITF) last year and the 7th Investment and Trade Initiative in February was aimed at doing just that.
Since 1994, Indian companies have increased their investments in numerous sectors especially in financial services, manufacturing, mining and pharmaceuticals sectors, in South Africa.
Tata and CIPLA are two of the biggest investors in South Africa. The former has invested heavily in automotive, energy, hospitality, ICT and mining, while the latter has supported the roll out of ARVs in this African nation. CIPLA has also made available medicines at more affordable prices to patients to support the government’s improved healthcare.
