Deputy Minister Thabethe to lead business delegation to India
The Deputy Minister of Trade and Industry Ms Elizabeth Thabethe will lead a delegation of forty business people to Chennai and Mumbai in India for the fifth annual Investment and Trade Initiative (ITI) from 24 to 28 February 2014.
This ITI is part of the Department of Trade and Industry’s (the dti), Export and Investment Promotion Strategy to focus on India as a high growth export market and foreign direct investment source.
The objective of the ITI is to continue to create market access of South African value added products and services in India, and to promote South Africa as a trade and investment destination
According to Thabethe, India’s emerging economy is expected to play an important and growing role in South Africa and the global economy in coming years.
“World trade patterns are changing, and trade with India is of growing importance to South Africa. Since establishing bilateral relations in 1993, trade between India and South Africa has grown steadily and consistently.The potential of India’s economy and the country’s growth trajectory is forecast to recover to previous levels in the coming years. This is good news for South Africa,” said Thabethe.
Thabethe said South Africa’s trade with India has doubled over the last five years, with minerals such as gold, diamonds and platinum, base metals, chemical products and machinery making up the bulk of exports.
“India has been one of our top 10 trading partners for the past few years and is now our fifth-largest export destination and sixth-largest source of imports, according to the latest data,” she added.
The ITI will target the promotion of South Africa’s agro-processing, beneficiated metals and mining technology, automotive components and electro-technical sectors in India.The expected outcomes as a result of the initiative are to generate trade leads, identify potential buyers and to build a presence and image of South Africa’s diverse sector in India.
Activities planned for the ITI include trade and investment seminars, mini exhibitions and business to business meetings in Chennai and Mumbai.
As a follow up to the 4th Investment and Trade Initiative held in March 2013 and the Outward Selling Mission held in September 2013, the 5th ITI to India is expected to further expose South African companies to export opportunities in that country.
Enquiries:
Sidwell Medupe, Department of Trade and Industry
Tel: 012 394 1650
Mobile: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
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