S.A minister says India is its gateway to Asian Markets

South Africa is keen to increase its exports of value-added products to India, at the same time explore joint venture deals in investment with Indian IT companies The Dollar Business Bureau

Trade between South Africa and India increased from Rand40 billion to 42 billion in 2010-14

India and South Africa’s history dates back to many generations. The two countries resumed their business ties with the resumption of diplomatic relations in 1993. Since then the two countries have agreed to be associated closely in areas ranging from economic to health, human settlements to education, science and technology. Commercial relations between the two countries have since then flourished. Once the gates of trade resumed, the pace in bilateral trade between the two countries increased from US$2.5 billion in 2003-2004 to a revised whopping US$15 billion in 2014. Trade between the two countries has increased from Rand 40 billion to over Rand 42 billion with exports almost doubling from Rand 22 billion to Rand 40 billion in the 2010 to 2014 period. The potential for trade in exports to South Africa include engineering goods, drugs and pharmaceuticals, textiles, chemicals, rice, gems & jewellery and transport equipment. While imports from South Africa are gold, copper ores, coal, phosphoric acid, aluminium ingots, manganese ore and other minerals. South African Minister of Trade and Industry, Rob Davies was positive that South Africa’s locally manufactured goods would get a positive entry into the Asian markets through India as India was the key player and served as a positive gateway to Western Asia. Davies is in India attending the 7^th annual ITI (Investment and Trade Initiative) with a delegation of 26 companies. South Africa is keen to increase its exports of value-added products to India, at the same time explore joint venture deals in investment with Indian IT companies. The Investment and Trade Initiative mainly looks into promoting South Africa’s capital equipment, agro-processing, mining, agro chemicals and pharmaceutical ingredients. The South African delegation is also likely to visit Hyderabad and New Delhi as part of its 4-day export and investment promotion strategy, that lays stress on focussing India deemed to be a FDI source and as a high growth export market. Davies said, the visit will ensure that South Africa gains in terms of broader objectives of its national industrial policy and in the development of its economy.

February 25, 2016 | 05:20pm IST

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The Dollar Business Bureau - Feb 25, 2016 11:44 IST

S.A minister says India is its gateway to Asian Markets

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