South Africa keen to have Indian investmentsAugust 22nd, 2012 - 6:02 pm ICT by IANS
New Delhi, August 22 (IANS) South Africa and India are set to reach a target of trade worth $15 billion by 2014 and South Africa is keen about Indian investment in the country, its Deputy Minister for Trade and Industry Elizabeth Thabethe said Wednesday.
“We want to encourage Indian investments in all sectors in South Africa as part of our efforts at job creation. President Jacob Zuma has set a target of five million jobs to be created by 2020,” Thabethe told IANS on the sidelines of a seminar here on the occasion of South Africa’s Women’s Month organised by FICCI Ladies Organisation.
“The latest developments have indicated that India has progressed impressively in the area of informal business development and the Indian institutions that we will be engaging with will present simple solutions for our SMEs, including technology and market development,” said Thabethe.
India is one of South Africa’s top ten export countries and it is among the top five import countries for South Africa.
Indian companies that are investing in South Africa include Mahindra, Tata, UB Group, a number of pharmaceutical companies like Ranbaxy and CIPLA, IT companies and some investments in the mining sector.
“Several South African companies operate in India, such as the Airports Company South Africa, which is assisting India’s Mumbai airport, and Sasol, which is planning to invest,” the minister said.
South African investments in India are led by SAB Miller (breweries), SANLAM and Old Mutual (insurance), ALTECH (set-top boxes), Adcock Ingram (pharmaceuticals), Rand Merchant Bank (banking).
The two countries cooperate bilaterally in a number of areas at forums such as the South Africa-India CEOs’ Forum, while multi-laterally there is cooperation in the IBSA Business Forum and the BRICS Business Forum, which provide for direct business- to- business interaction and allow for collective consensus building on global policy areas.
From 2002 to 2011, South African exports to India increased by 21 percent, while imports from India went up by 28 percent.
“As for joint ventures between women of both countries, we encourage them in all sectors but certain areas like crafts and jewellery making have been identified as specially favourable for women entrepreneurs,” Thabethe said.
“Among new areas of cooperation, agro-processing is of immense potential as both countries have food security as a major priority.”
Besides New Delhi, Thabethe will visit Kerala, Chennai and Mumbai.
- South Africa pitches for greater Indian investment - Apr 08, 2012
- India, South Africa to cooperate in SME sector - Nov 15, 2011
- Huge untapped potential for investment between India, South Africa: Anand Sharma - Jan 11, 2011
- India, South Africa business forum meets in Delhi Monday - Aug 28, 2011
- South Africa expects more trade cooperation with India - Mar 19, 2012
- India, Africa trade to touch $70 bn by 2015: Minister - May 20, 2011
- South Africa explores India's small business success - Aug 20, 2012
- For South Africa, Delhi trade fair is road to global market - Nov 15, 2011
- India, South Africa CEOs seek removal of trade barriers - Aug 29, 2011
- BRICS urged to develop small, medium enterprises - Jul 11, 2012
- 'Women have a major role in global economy' - Mar 23, 2012
- 'Women of India, South Africa should partner each other' - Aug 22, 2012
- India provides soft loans to West African businesses - Apr 23, 2011
- India, South Africa look to expand trade and investment - Sep 02, 2010
- Projects worth $30 billion discussed at India-Africa conclave - Mar 20, 2012
Tags: adcock ingram, airports company, business interaction, export countries, global policy, including technology, indian institutions, indian investment, indian investments, informal business, jacob zuma, mumbai airport, mutual insurance, ranbaxy, rand merchant bank, sab miller, sasol, target, ub group, zuma