South Africa is targeting to increase bilateral trade volume with India to $20 billion by 2018 from the current $10 billion with focus on ITC, pharmaceuticals, automotive, mining and agriculture sectors.
Consul General of South Africa Maropene L Ramokgopa, who was here yesterday to meet members of industry body CII, told PTI that the current bilateral trade between the two countries stands at $10 billion and they are targeting to reach more than $20 billion by 2018.
The decision comes up after Prime Minister Narendra Modi’s visit to the country last month.
The South African High Commission currently administers a total of 52 bilateral agreements in various fields including the mandates of BRICS (Brazil, Russia, India, China & South Africa) and IBSA (India, Brazil & South Africa).
“These investments cover a wide industry spectrum which include pharmaceuticals, automotive, ICT, mining, agriculture, hospitality, metals, BPO etc. Both countries will draw on their long-standing ties as well as increased cooperation in new forums like BRICS for achieving all economic and social goals set by them,” she said.
Ramokgopa underlined the importance of strengthening cooperation between business entities of South Africa and India and identified focus areas for deeper cooperation including manufacturing, mines and minerals, IT, renewable energy, pharmaceuticals, tourism, S&T and financial services.
“South Africa offers sound investment opportunities in almost every field of business and trade. Investment opportunities are available for Indian companies in energy, (mostly solar and wind energy), engineering, housing, hotels & tourism, healthcare medicines, film and entertainment, IT, biotechnology, agro-processing and the automotive sector,” she added.