India-South Africa Summit planned for April 29/30
THE DEPARTMENT of Trade and Industry (dti) in partnership with the High Commission of India, Ministry of Commerce and Industry of India, Invest India, the Confederation of Indian Industry, and the Federation of Indian Chambers of Commerce and Industry will host the India-South Africa Business Summit under the theme “United by Legacy, Unified for Prosperity”.
The business summit will be held from April 29 to 30 at the Sandton Convention Centre, Johannesburg, and seeks to maximise the potential of the economic and commercial partnership between South Africa and India leveraging both the “Invest SA” and Invest India’s initiatives.
Strategic South Africa’s Minister of Trade and Industry Rob Davies described South Africa’s relationship with India as strategic.
He said that even though South Africa’s total investment to India increased to R10.3 billion last year from R1.4bn in 2003, a lot needed to be done to increase investments and create jobs in both countries.
He mentioned adding value to products as important and this could change the current picture of trade between the two countries, which is based more on exporting raw materials than manufactured products.
“Between January 2003 and September 2017, South Africa recorded a total of 29 foreign direct investment projects to India. These projects represent a total capital investment of R10.3bn, which is an average investment of R358.83 million. During the period a total of 5 871 jobs were created,” said Davies.
The event will open with a dinner and a tribute to Nelson Mandela and Mahatma Gandhi choreographed by Unicef Goodwill Ambassador Gavin Rajah.
“India and South Africa share a strategic partnership that is over 200 years old. There are more than 130 Indian companies in South Africa with an investment of about $8bn (R96.43bn), employing approximately 18 000 South Africans,” explained Suresh Prabhu, the Minister of Commerce and Industry of India ahead of the summit.
The summit seeks to chart the way forward for the IndiaSouth Africa relationship.
Companies from both countries will have exhibition booths at the Sandton Convention Centre.
The Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry will lead business delegations from India to the event.
Companies from both countries will have exhibition booths at the Sandton Convention Centre and business to business meetings for interested companies will be facilitated on-site.
Both ministers Prabhu and Davies will deliver the keynote address.
The summit will also see the participation of the premier of Gauteng, David Makhura, as well as ministers, chief executives and industry specialists from both South Africa and India.