The Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe, will lead a delegation of 49 businesspeople to New Delhi and Mumbai to participate in the fourth Investment and Trade Initiative from 4-8 March 2013.
The ITI is an opportunity to advance South Africa’s export and investment agenda in the following sectors: agro-processing, capital equipment, beneficiated metals and mining technology, automotive components and electro-technical. It is also an opportunity to attract foreign direct investment and joint venture partnerships in pharmaceuticals, Information and Communication Technology (ICT), energy, manufacturing and infrastructure.
The ITI programme will include a mini-exhibition, trade and investment seminars, business to business meetings and site visits in both cities.
“This ITI is part of the commitments made during the State 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 US$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,” said Thabethe.
The ITI builds on the previous ITI to Mumbai and Chennai in March 2012, which resulted in business interactions for the South African companies with 600 potential buyers, 144 trade leads generated the appointment of three agents/distributors for the South African companies that participated, and export orders to the value of R28.2 million.
“South African companies have not adequately exploited the opportunities presented by the Indian market of 1.2 billion people. India’s economic growth remains impressive and as India’s economy continues to grow, so too will its demand for South African manufactured products and services. Trade and investment opportunities in India and South Africa for companies from both countries are unlimited,” added Thabethe.
India is one of South Africa’s key trading partners and a partner in multilateral fora such as IBSA (India, Brazil, South Africa), G-20, and BRICS. As at November 2012, India was ranked South Africa’s 5th largest export market globally and the 3rd largest export market in Asia after China and Japan. India is also a key partner to South Africa in advancing South-South interests.