The cordial and mutually beneficial political and economic relations between South Africa and India are yielding positive results. This was said by the South African High Commissioner to India, Reverend Harris Majeke today. He was speaking at a business seminar hosted by the Department of Trade and industry (the dti) at the Taj Coromendal Hotel in Chennai, India today.
The seminar which was attended by more than 100 South African and Indian businessmen and women, was part of the third international Investment and Trade Initiative (ITI) that is led by the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe. The ITI started in Chennai, southern India today, and will end in Mumbai on Friday.
“This gathering serves to reinforce the longstanding friendship that both India and South Africa have shared since the establishment of diplomatic relations in 1993. We have been able to build quite a diversified economic and political framework with bilateral trade between our countries growing from US$4 billion to US$11.1 billion over the 2005 to 2011 period.
Further to this India ranks among the top 10 investing countries in South Africa, with investments estimated at over US$6 billion to date, Similarly, South Africa’s investments into India has also been growing steadily with investment amounting to US$250 million,” said Majeke.
Majeke added that there were initiatives that were being undertaken in an effort to increase the pace of growth in order to consolidate the gains that have already being attained. These include the establishment of the India-South Africa Joint Ministerial Commission, India-South Africa CEOs Forum and signing of various agreements such as the General Trade Agreement, and the cooperation between SA and India on defence matters and small enterprise development.
“We are also in the process of negotiating a Preferential Trade Agreement between our countries. This will further accelerate trade flows, and extend the range of traded goods, which will deepen the mutually beneficial trade and investment ties between our developing countries of the South,” he announced.
One of the businesspeople who are part of the 45-member South African delegation, Ms Sibongile Sambo, the Managing Director of SRS Aviation, said the ITI had already shown potential of being beneficial to her company as she managed to negotiate a potential deal with an Indian aviation company during the business to business meetings held on the first day of the ITI.
“We discussed opportunities related to our company exporting aviation services and software to India, collaborating on charter services, and working together to establish an aviation academy in South Africa.
These are opportunities I would not have been able to identify had I not been on this initiative. I’m optimistic that these initial contacts and preliminary negotiations will materialise into concrete agreements and results in a short period of time,” said an optimistic Sambo.
Enquiries:
Ms Seema Sardha
Consul: Economic: Consulate General of The Republic of South Africa
Tel: +91 22 23513725 / 23523726
Hand held phone: +91 9987346622
E-mail: ssardha@dtimumbai.com
Sidwell Medupe
Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
