South African President Jacob Zuma on Thursday said he will focus on increasing bilateral trade between his country and India to $10 billion by 2010. Currently, trade between both the countries stands at $7.5 billion. Zuma, who is in Mumbai with a 230-member business delegation, highlighted business opportunities in sectors like pharma, IT and transport in his country. He said there is a long history of trade links between the two countries and invited the Indian industry to invest in South Africa.
It is Zuma?s first state visit to Asia since taking office, mainly to meet business leaders in Mumbai in a bid to boost trade ties. He jointly launched a CEO forum with India?s commerce and industry minister Anand Sharma with Ratan Tata heading the Indian side.
While addressing the industry captains in an event organised by the Confederation of Indian Industry (CII) and Business Unity South Africa to boost economic ties between both countries, Zuma said, ? India?s trade with South Africa, one of Africa?s fastest-growing economies had hit $7.5 in 2008-2009. Trade statistics with India continues to reflect the potential that still exists for expanding the commercial relationship.? He further added that the two countries also have historic political and cultural links.