The Investment and Trade Initiative (ITI) to India which ended on Friday, has already started to bear fruits for one of the South African companies which participated. The Chief Operating Officer of Archi M Studio, Mr Teboho Monahadi says his company has formed a joint venture worth more than R176 million with an Indian company to build automatic dynamic car parking stations in South Africa.
“The proposed automatic dynamic car parking stations will be the first of their kind in South Africa and Africa. This project will also generate direct revenues for big cities of South Africa by the way of taxes on parking fees collected,” said Monahadi.
The Deputy Minister of Trade and Industry, Mr Mzwandile Masina, who witnessed the signing of the Memorandum of Understanding between representatives of Archi M Studio and UBE Industries in Hyderabad, India said there were plenty of investment opportunities in Infrastructure, mining equipment and rail available for South Africans in India. Masina was leading a delegation of 25 people on the ITI to Hyderabad and Kolkata.
Masina said the ITI showed that there were a lot of opportunities in foreign markets for small medium and micro enterprises and big corporations if the right platforms are used.
“We had meetings with government ministers and investors who were keen to cooperate with South Africa and share knowledge on the best practices as a way of strengthening relations. These meetings will benefit both South African and Indian businesses in the long-term and hopefully produce fruitful results,” he added.
Masina indicated that there was a need to make a follow-up visit to India with a focussed strategy on infrastructure, skills transfer and Information Communication and Technology (ICT) sectors as South Africa could benefit from these sectors.
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
