With the bilateral trade between India and South Africa at $ 10 bn, both are keen on expansion of cooperation in sectors including agro-processing, defence, mining and the financial sector. India will also be setting up Gandhi-Mandela Skills Institute will soon be opened in Pretoria. Following delegation level talks between Prime Minister Narendra Modi and South African President Cyril Ramaphosa, the two sides inked an agreement to further deepen their strategic partnership. Also read|\u00a0India continues its trading with Venezuela, its 4th largest oil supplier, despite ongoing turmoil\u00a0 The discussions between the two leaders covered new security areas like maritime security, terrorism, FATF and cyber security and multilateral issues too. The Three-Year Strategic Programme of Cooperation is aimed at enhancing the Strategic Partnership Agreement that was signed in 1997 by Prime Minister HD Deva Gowda and South African President Nelson Mandela in 1997. In a joint address to the media with Ramaphosa following the talks, Modi said that both sides reviewed the entire gamut of their bilateral ties. "Our bilateral trade is more than $10 bn and our trade and investment ties are becoming more and more intense," he said. Adding, that Indian companies are contributing to President Ramphosa's efforts to increase investments in South Africa. The visiting leader said that the two countries will work together to strengthen the multilateral system so that ordinary people of the world can benefit from globalization. \u201cIndia is a strategic partner for South Africa,\u201d Ramphosa. Ramaphosa arrived here earlier in the day on his first state visit to India as President said that \u201cWe are both committed to take our relationship to a new level." he said. According to Modi, India and South Africa are strategically located in the Indian Ocean region and are pluralistic democracies that are carrying forward the legacies of Mahatma Gandhi and Nelson Mandela. "Our mutual cooperation and coordination in many forums like BRICS (Brazil, Russia, India, China, and South Africa), G-20, Indian Ocean Rim Association and IBSA (India, Brazil, South Africa) are very strong," said Modi. Since this is the 15th year of IBSA inception, 15 activities in all three countries aimed at reviving the group. The two leaders said that both countries are working together to bring about reforms in the UN Security Council. And acknowledged that there is a big scope for growing and expanding the bilateral relations, especially the economic ties. Soon after his arrival, he was accorded a ceremonial welcome by President Ram Nath Kovind at the Rashtrapati Bhavan here. On Saturday, Ramaphosa will be the Chief Guest at the Republic Day parade.