The Consul General of South Africa in Mumbai, Mr Pule Malefane says business people from South Africa and India will have to work together to further increase bilateral trade and consolidate the gains that have been made since diplomatic ties between the two countries were established.
Malefane was addressing business people from South Africa and India who attended a business seminar that was hosted by the Department of Trade and Industry (the dti) in Mumbai, India yesterday. The seminar was part of the Investment and Trade Initiative (ITI) that is led by the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe. It began with a similar seminar in New Delhi on Monday.
"Over a period of time we have been able to build quite a diversified economic and political framework with bilateral trade between South Africa and India growing at an impressive pace. However, the challenge now lies in increasing the pace of growth in our bilateral trade and consolidating the gains that have been made so far," said Malefane.
He added that there were initiatives that are already underway that are aimed at ensuring that bilateral economic relations are enhanced, and trade between the two is boosted further. These include the establishment of the India-South Africa Joint Ministerial Commission, and the India-South Africa CEOs Forum.
"In a bid to strengthen the trade ties between India and South Africa, various agreements have also been entered into, in particular, the General Trade Agreement, cooperation on defence issues and SME development and capacity. In addition, the bilateral relationship that SA and India enjoy has developed to such an extent that we are in the process of negotiating a Preferential Trade Agreement (PTA)," said Malefane.
He explained that the PTA will further accelerate trade flows between the two countries, and extend the range of traded goods. This he said, will deepen the mutually beneficial trade and investment ties between the two developing countries of the South, in the African and South Asian regions.
Malefane also said the developing countries need to utilise platforms such as the Investment and Trade Initiative to catapult the country’s economic ambitions and restructure world trade in a manner that will benefit not only the haves but also the have-nots.
"I am steadfast in my belief that partnerships like the Africa-India Forum, India-Brazil-South Africa (IBSA, BRICS and G-20) will champion the South-South cooperation in a manner that brings about social and economic progress to all our people. I firmly believe that gatherings of this nature contribute immensely towards this objective and earnestly request that we regularise our interactions," said Malefane.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
