India remains a key trading partner for South Africa despite the slow rate of investment. This was said by the Deputy Minister of Trade and Industry, Mr Mzwandile Masina at the 6th India Investment and Trade Initiative (ITI) seminar held in Hyderabad, India.
The seminar which was attended by more than two hundred (200) businesspeople form both India and South Africa 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.
Deputy Minister Masina said he was pleased to see that investment between the two countries was growing, though the level was still very low given the size of the Indian market. He however said there was a scope to do more to increase the investment hence South Africa is back in India for the 6th ITI.
“The emerging economies have become the new centres of economic growth. Our regions are designed to become global economic power centres. BRICS in particular is in the forefront of the leading economies of the future,” he said.
Masina also said both countries should take advantage of the BRICS membership and do more business with each other.
“Trade and investment should also be at the top of our agendas because it would contribute to creating more jobs and growth when we need it the most,” added Masina.
He urged Indian business people to consider importing value added goods from South Africa.
Total trade grew from R80.9 billion in 2013 to R90 billion at the end of 2014. Out of this South Africa exported R40.9 billion and imported R49.4 billion goods from India during 2014.
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
