Investment in infrastructure is important to enhance economic development – Trade and Industry Deputy Minister Mzwandile Masina
Investment in infrastructure is important to enhance economic development, intra trade and regional integration. This was said by the Deputy Minister of Trade and Industry, Mr Mzwandile Masina. He was speaking at the second leg of the 6th annual India Trade and Investment Initiative (ITI) hosted today in Kolkata, India.
Masina said it was important to emphasise that the bedrock of new growth in the African continent will come from infrastructure development.
“The opportunity to collaborate with Indian companies will make it possible for South Africa to realise the deliverables of the programme in particular the North-South corridor with emphasis on road and rail infrastructure,” he said.
Masina urged the Indian business delegation to optimally utilise the ITI platform and give voice to key issues in the Infrastructure, agro-processing, mining and minerals beneficiation, electro-technical, cosmetics and renewable energy sectors represented in the twenty-five member strong business delegation from South Africa.
“South Africa and India share a common vision in this regard. Like South Africa, India has to address the triple challenges of inequality, poverty and unemployment. I am of the firm view that it is through initiatives of this nature that we will be able to address the challenges of unemployment, advance the fight against poverty and accelerate the economic transformation within our respective countries,” added Masina.
The Chairman of the Indian Chamber of Commerce Mr Kalyan Kar said India’s investment in South Africa is over $33 billion in different sectors.
Kar pointed out that Indian businesses are keen to invest and collaborate with South Africa especially in the coal mining sector.
Deputy Minister Mzwandile Masina addressing delegates at the 6th annual India Investment and Trade Initiative in Kolkata, India.
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