Ahead of BRICS summit, South African biz delegation comes calling
In an effort to attract foreign direct investment and joint venture partnerships in pharmaceuticals, Information and Communication Technology (ICT), energy, manufacturing and infrastructure, deputy minister of Trade and Industry of South Africa, Elizabeth Thabethe, is leading a delegation of 49 businesspeople to New Delhi and Mumbai to participate in the fourth Investment and Trade Initiative (ITI).
The four day visit starting March 4, assumes importance as it is taking place ahead of the BRICS summit later this month and the delegates will have an opportunity to advance South Africa’s export and investment agenda in sectors including – agro-processing, capital equipment, beneficiated metals and mining technology, automotive components and electro-technical. The ITI programme will include a mini-exhibition, trade and investment seminars, business to business meetings and site visits in both cities.
Ahead of the visit, Thabethe said, “ITI is part of the commitments made during the visit by President Jacob Zuma to India in 2010, where the two governments committed to facilitate direct interaction between businesses of their respective countries. A target of $15-billion trade between South Africa and India was set to be achieved by 2014. Bilateral trade between South Africa and India has increased significantly over the past six years almost trebling from R16.3 billion in 2007 to R61.65 billion in November 2012. The growth was driven by a major increase in the South African exports to India and South Africa becoming a next exporter to India in 2009, 2010 and 2012.”
The ITI builds on the previous ITI to Mumbai and
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