India-SA business summit set to boost investment, jobs
THE Department of Trade and Industry, 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 on April 29-30 at the Sandton Convention Centre 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” initiatives.
South Africa’s Minister of Trade and Industry, Dr 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 in 2017 from R1.4bn in 2003, much had to be done to increase investment and create jobs in both countries.
He said adding value to products is important and 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, on April 29.
“India and South Africa share a strategic partnership that is over 200 years old. There are over 130 Indian companies in South Africa with an investment of about $8bn, employing about 18 000 South Africans,” said Suresh Prabhu, Minister of Commerce and Industry of India, before the summit. This summit seeks to chart the way forward for the India-South Africa relationship.
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.
Ministers Prabhu and Davies will deliver the keynote address. The premier of Gauteng, David Makhura, as well as ministers, chief executive officers and industry specialists from South Africa and India, will participate at the summit.
This year is significant for South Africa-India relations, being the 25th year of the establishment of diplomatic relations, 125 years since the Pietermaritzburg train “incident” and the centenary of ex-president Nelson Mandela.