By: Dimakatso Motau
Source: www.engineeringnews.co.za
India and South Africa have a historical relationship but, recently, the two countries have been focusing on ways and platforms to further strengthen trade relations.
In her opening remarks at a Confederation of Indian Industry (CII) and Business Unity South Africa (Busa) seminar, Busa CEO Nomaxabiso Majokweni said business relations between the two countries were growing and the long-term aim was to increase bilateral trade.
She said both countries were in the process of adopting a model that targeted the growing trade sectors, such as renewable energy and the manufacturing sector, besides others.
High Commissioner of India to South Africa Virendra Gupta said he was grateful to Busa for organising this seminar and emphasised that this was a platform for a robust econo- mic link.
“The greenfield investment that India has brought to the country has created a value-based relationship. India aims to meet the South African government’s growth plan in the coming years, while trade investment is expected to grow significantly,” he said.
Deputy Minister of Trade and Industry Elizabeth Thabethe said the bilateral trade target investment had been revised to R15-billion by 2014. “India’s economic growth engine is focused on raw materials and the manufacturing sector, besides others, and it has better support structures for small business enterprises that our government can learn from,” she said.
Thabethe noted these initiatives required great effort from both governments to grow the current level of dialogue. She noted India was one of the top ten investors in the country.
“Trade between the two countries has grown significantly in several sectors, among them the automotive components, energy, telecoms, mining, pharmaceuticals, chemicals, and information and communications technology sectors,” she added.
Thabethe said, after China and India, Africa was expected to be the next large economy.
“There is a call for developing economies to trade among each other to further develop and strengthen their respective economies,” she noted.
Meanwhile, India’s Minister of State for Commerce and Trade Jyotiraditya Scindia noted India’s economic growth trajectory was grounded in its liberal government.
“To date, South African investment in India amounts to R2-billion. This is due to companies such as diversified financial services provider Rand Merchant Bank, petrochemicals giant Sasol and diamond miner De Beers entering the market.
“Trade growth areas include the energy, pharmaceuticals and manufacturing sectors. We also need to enhance our knowledge-sharing platform and skills transfer initiatives through student exchange programmes and research and development,” said Scindia.
Leader of the CII business delegation Sanjeev Agarwal said its aim was to explore as many business opportunities as possible. But its main focus was to encourage the growth of the agriculture sector in both countries by exploring biotechnology and other methods of farming to ensure food security in the long term.
Source : http://www.engineeringnews.co.za/article/building-strong-bilateral-trade-relations-2011-10-07
Source: www.engineeringnews.co.za
India and South Africa have a historical relationship but, recently, the two countries have been focusing on ways and platforms to further strengthen trade relations.
In her opening remarks at a Confederation of Indian Industry (CII) and Business Unity South Africa (Busa) seminar, Busa CEO Nomaxabiso Majokweni said business relations between the two countries were growing and the long-term aim was to increase bilateral trade.
She said both countries were in the process of adopting a model that targeted the growing trade sectors, such as renewable energy and the manufacturing sector, besides others.
High Commissioner of India to South Africa Virendra Gupta said he was grateful to Busa for organising this seminar and emphasised that this was a platform for a robust econo- mic link.
“The greenfield investment that India has brought to the country has created a value-based relationship. India aims to meet the South African government’s growth plan in the coming years, while trade investment is expected to grow significantly,” he said.
Deputy Minister of Trade and Industry Elizabeth Thabethe said the bilateral trade target investment had been revised to R15-billion by 2014. “India’s economic growth engine is focused on raw materials and the manufacturing sector, besides others, and it has better support structures for small business enterprises that our government can learn from,” she said.
Thabethe noted these initiatives required great effort from both governments to grow the current level of dialogue. She noted India was one of the top ten investors in the country.
“Trade between the two countries has grown significantly in several sectors, among them the automotive components, energy, telecoms, mining, pharmaceuticals, chemicals, and information and communications technology sectors,” she added.
Thabethe said, after China and India, Africa was expected to be the next large economy.
“There is a call for developing economies to trade among each other to further develop and strengthen their respective economies,” she noted.
Meanwhile, India’s Minister of State for Commerce and Trade Jyotiraditya Scindia noted India’s economic growth trajectory was grounded in its liberal government.
“To date, South African investment in India amounts to R2-billion. This is due to companies such as diversified financial services provider Rand Merchant Bank, petrochemicals giant Sasol and diamond miner De Beers entering the market.
“Trade growth areas include the energy, pharmaceuticals and manufacturing sectors. We also need to enhance our knowledge-sharing platform and skills transfer initiatives through student exchange programmes and research and development,” said Scindia.
Leader of the CII business delegation Sanjeev Agarwal said its aim was to explore as many business opportunities as possible. But its main focus was to encourage the growth of the agriculture sector in both countries by exploring biotechnology and other methods of farming to ensure food security in the long term.
Source : http://www.engineeringnews.co.za/article/building-strong-bilateral-trade-relations-2011-10-07
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