Pretoria - Bilateral trade relations between South Africa and India were strengthened on Friday when the two countries signed around six Memoranda of Understanding to strengthen bilateral trade relations.
This was revealed when President Jacob Zuma and India Prime Minister Narindra Modi addressed a South Africa-India CEOs and Business Forum in Pretoria on Friday afternoon.
Zuma said there were more than 100 Indian companies operating in South Africa, and that they contributed significantly to economic growth and job creation in the country.
He asked Indian companies to “partner with us”, saying that there was already R62 billion capital expenditure of India in South Africa.
Zuma said South Africa was aiming to achieve trade of $18 billion with India by 2018. India is currently South Africa’s 6th largest trade partner.
“We are looking to increase and diversify South African exports to India,” Zuma said.
“We have identified new areas for market access including the defence; deep mining, renewable energy and health sectors.”
In 2015 trade between the two countries was almost R95 billion. Trade with India represented 4.9 percent of South African imports and 4.1 percent of exports.
Vivian Reddy, the co-chair of the South Africa-India CEOs Forum said that the two countries had signed Memoranda of Understanding (MoUs) in several key sectors.
The sectors include financial services, education, pharmaceutical and healthcare, mining and mining equipment, retail as well as energy and infrastructure.
Reddy said the two countries would collaborate in FinTech, help in skilling and training of nurses and doctors, collaborate in renewable energy development, and exchange of doctors and pharmaceutical products.
India Prime Minister Narendra Modi punted India as a great investment destination, saying that his country had been consistently ranked as the most attractive investment destination by several global agencies and institutions.
“We are trying to become an easier place in which to do business as it is evident in the Global Entrepreneurship Monitor Report,” Modi said.
He said bilateral trade between South Africa and India had grown by at least 38 percent in almost 10 years.
Modi said the two countries were both situated to compliment each other, making an example with the mango season in India which is winter in South Africa.
“India is very suited to help South Africa in technology and skills. We can work together in many ways, from defense to milk, hardware to software, medicine to medical tourism,” Modi said.
He said that business success should be pinned on ethos of skills development and community upliftment and bettering the quality of life.
Modi also announced that India had started a process of issuing 10-year visas to regular travelers from South Africa.
He also said that travelers would soon be able to apply for short-term visas online instead of going to the high Commission of India in Pretoria.
African news Agency