Trade and Industry Deputy Minister Mzwandile Masina will lead a 25-member business delegation to the sixth annual India Investment and Trade Initiative (ITI) next week.
The ITI, which will take place in Hyderabad and Kolkata from 23 – 27 February, forms part of the dti’s export and investment promotion strategy to focus on India as a high growth export market and foreign direct investment source.
The Deputy Minister said as a follow up to the 5th ITI held in March 2014, this ITI will target South African companies seeking to attract foreign direct investment and also project owners and managers seeking joint venture partnerships in agro-processing, cosmetics, pharmaceuticals, mining and mineral beneficiation, infrastructure, architecture and renewable energy sectors.
South Africa’s economic relations with India have flourished since the establishment of diplomatic relations in 1993. Closer economic ties are also fostered using initiatives such as the Joint Ministerial Commission and business engagements facilitated through the SA-India CEOs’ Forum.
“Beyond bilateral relations, South Africa and India remain committed partners and are determined to strengthen South-South Cooperation in the context of IBSA (India, Brazil and South Africa) and BRICS.
“These forums are an undertaking by countries with shared interests in a multilateral system to address political, social and economic matters,” said Deputy Minister Masina.
The Deputy Minister’s programme in India will include bilateral meetings with representatives of government and businesses. He will also conduct site visits to various industries in Hyderabad and Kolkata.
India ranks among the top 10 investing countries in South Africa. Between January 2009 and June 2014, a total of 44 foreign direct investment projects from India were recorded. These projects represent a total capital investment of R18.25 billion, which is an average investment of R414.76 million per project.
The total trade between India and South Africa was worth R80.9 billion in 2013, with a trade balance of R22.9 billion in favour of India.