India, SA to bond at summit
THERE are more than 130 Indian companies in South Africa with an investment of approximately $8bn, (R96bn) employing approximately 18 000 South Africans,” according to Indian officials.
Minister of Commerce and Industry Suresh Prabhu said his country and South Africa shared a valuable strategic partnership.
On the back of this relationship, South Africa will be hosting the India-South Africa Business Summit.
Trade and Industry Minister Rob Davies said that even though South Africa’s total investment in India had increased to R10.3bn in 2017 from R1.4bn in 2003, a lot needed to be done to increase investments and create jobs in both countries.
“Between January 2003 and September last year, South Africa recorded a total of 29 foreign direct investment (FDI) projects to India.
These projects represent a total capital investment of R10.3bn, which is an average investment of nearly R359m. During that period a total of 5 871 jobs were created,” Davies said.
The Department of Trade and Industry (DTI) will host the business summit in partnership with the High Commission of India, the Ministry of Commerce and Industry of India, Invest India, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry.
The summit seeks to maximise the potential of economic and commercial partnership between the two countries by leveraging both the Invest SA’s and Invest India’s initiatives.
South Africa views its relationship with India as a strategic one.
The two-day summit, which gets underway on April 29, will open with a dinner and a tribute to former president Nelson Mandela and India icon Mahatma Gandhi, arranged by Unicef’s goodwill ambassador Gavin Rajah.
The Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry will lead business delegations from India to the auspicious event.
Companies from both countries will provide exhibition booths at the Sandton Convention Centre and businessto-business meetings for interested companies will be facilitated on site.
Both Prabhu and Davies are expected to deliver the keynote addresses.
The summit will also see the participation of Gauteng Premier David Makhura as well as ministers, CEOs and industry specialists from both South Africa and India.
This year marks a significant year in South Africa/India relations, being the 25th year of the establishment of diplomatic relations.
KEY INVESTOR: Indian Minister of Commerce and Industry Suresh Prabhu says his country and SA share a valuable strategic partnership.