South African President Jacob Zuma is in India on his first state visit to Asia since he took office in May last year. The three-day visit would focus on deepening strategic partnership between the two countries. According to officials, strengthening and broadening of economic and commercial interaction between the two countries; expansion of South-South interaction with a view to strengthen the voice of the developing world and its capacity to address the needs of its people are on the agenda.
During the visit three agreements including: MoU on agricultural cooperation; an amendment of bilateral air services agreement; and an MoU on mutual cooperation between the diplomatic academy of the South African department of international relations and cooperation and the foreign service institute of the ministry of external affairs of India are likely to be inked later this week.
Besides focusing on expanding economic cooperation across a swathe of areas, including energy, infrastructure, pharmaceuticals and tourism, the two sides would also discuss a range of global issues like the UN reforms and WTO trade negotiations.
??We are also negotiating a bilateral investment and promotion agreement to boost our economic relationship further,?? external affairs ministry spokesman Vishnu Prakash said ahead of the visit. Vibrant economic and commercial partnership is at the heart of our relationship. We are one of the 10 largest trading partners of South Africa, said Prakash.
The re-launch of the India-South Africa chief executives? forum and interactions with top business leaders will top Zuma?s agenda during his four-day visit here, via Mumbai, that will seek to push two-way trade from $7.5 billion in 2008-09 to $12 billion next year. ??In fact Indian firms are in the process of investing something like $3.5 billion in diverse sectors,?? officials said.
The forum with business leaders from both sides as members will be co-chaired by Tata Group chairman Ratan Tata and African Rainbow Minerals chairman Patrice Motsepem.
Leading South African companies such as SABMiller, FirstRand, Old Mutual, Sanlam and Hollard are already expanding their footprint in India, while Indian firms such as Tata, Reliance, M& M, Kirloskar, Ranbaxy and Dr Reddy?s Pharma are also taking advantage of the huge domestic market to leverage for the global competitive advantage South Africa has.