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India and South Africa to enhance bilateral trade
by Jo BlackDespite the substantial increase in bilateral trade, India and South Africa believe the current volumes are much below the potential.
During an interactive session organized by the Confederation of Indian Industry (CII), in New Delhi, both sides agreed to cooperate each other.
While India has sought African cooperation to increase agriculture production and tap alternative energy sources, South Africa says that Indian private sector experiences could make the difference in that country.
Indian industry, with its successful and ethical practices can go a long way in helping South Africa develop and in augmenting South-South cooperation so that the developing countries take their rightful place in the global economic arena, Jacob Gedleyihlekisa Zuma, President of the African National Congress, South Africa, and Anand Sharma, Indian junior minister for External Affairs, agreed during the session.
Sharma said that the effort would be to work together to bring in more innovative research to double the agricultural output between the two countries.
Inviting Indian companies to invest in South Africa, Zuma, who is leading the delegation to India, said that Indian industry should see South Africa as an entry-point into Africa.
India-South Africa trade has grown rapidly over the last few years, from US$1.8 billion in 2001-02 to US$4.7 billion during 2006-07.
Economic relations between India and South Africa have been marked by steady progress in recent years.
According to figures released by the Indian Department of Commerce, bilateral trade between the two countries has grown from US$ 1.8 billion in 2001-02 to US$ 4.7 billion during 2006-07.
Projects worth an estimated USD 2 billion are under execution in South Africa.
Dr Zuma, former Vice President of South Africa, is scheduled to lead the delegation to Mumbai on Wednesday for interaction with industry leaders there.
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