India and SA step up trade relations
BILATERAL trade relations between South Africa and India were strengthened on Friday when the two countries signed six Memorandums of Understanding to strengthen bilateral trade relations.
This was revealed when President Jacob Zuma and India’s Prime Minister, Narendra Modi, addressed a South Africa-India chief executive and business forum in Pretoria yesterdat afternoon.
Zuma said there were more than 100 Indian companies operating in South Africa, and that they contributed significantly to economic growth and job creation in the country.
He asked Indian companies to “partner with us”, saying that there was already R62 billion capital expenditure of India’s in South Africa.
Zuma said South Africa was aiming to achieve trade of $18 billion (R260bn) with India by 2018. India is currently South Africa’s sixth largest trade partner.
“We are looking to increase and diversify South African exports to India,” Zuma said. “We have identified new areas for market access including the defence, deep mining, renewable energy and health sectors.”
In 2015 trade between the two countries was almost R95 billion. Trade with India represented 4.9 percent of South African imports and 4.1 percent of exports.
Vivian Reddy, co-chairman of the forum, said the two countries had signed memorandums in several key sectors. The sectors included financial services, education, pharmaceuticals and healthcare, mining and mining equipment, retail as well as energy and infrastructure.
Reddy said the two countries would collaborate in FinTech, training and exchange of doctors, nurses pharmaceutical products, and renewable energy development.
Modi punted India as a great investment destination, saying his country had been consistently ranked the most attractive investment destination by several global agencies and institutions.
“We are trying to become an easier place in which to do business as is evident in the Global Entrepreneurship Monitor Report,” Modi said.
He said bilateral trade between South Africa and India had grown by at least 38 percent in almost 10 years.
“India is very suited to help South Africa in technology and skills. We can work together in many ways, from defence to milk, hardware to software, and medicine,” Modi said.
He said that business success should be pinned on an ethos of skills development and community upliftment and bettering the quality of life.
Modi also announced that India had started a process of issuing 10-year visas to regular travellers from South Africa.
He also said travellers would soon be able to apply for shortterm visas online instead of going to the High Commission of India in Pretoria. – ANA