CAPE TOWN – A 27-member South African business delegation comprising of companies in the agro-processing, defence and electro-technical sectors will jet out to New Delhi and Mumbai in India on an Outward Trade Mission to showcase locally manufactured value-added products and services this week.
The mission, to be held from July 14-19, is led by the Trade and Industry department through the export marketing and investment assistance (EMIA) programme, whose objectives are to develop export markets for locally manufactured products and services, as well as to recruit new foreign direct investment into South Africa.
In a statement, Trade and Industry Deputy Minister Fikile Slovo Majola said that the upcoming mission will afford South African companies with key insights into the Indian culture of business, in pursuance of diversifying South Africa’s export basket into India and globally.
“India boasts a population of over one billion people and it is also the 12th largest importer and the 17th largest exporter in value, presenting significant trade opportunities for South African firms. It is estimated that the country imports a total of USD400 billion of goods and services annually and this presents substantial opportunities for South Africa in the areas of trade in value added goods and services,” said Majola, adding that there has been a substantial increase in the flow of trade and investment between South Africa and India since the establishment of formal diplomatic relations.
“Currently, we have over one hundred and fifty Indian companies operating in South Africa that employs 18,000 South Africans. South African investments to India are approximately USD1 billion inclusive of companies such as Sanlam, Old Mutual and Life Healthcare, amongst others. We also have a standing agreement where we have committed to increasing our total trade to USD20 billion in a few years,” he said.
The five-day programme in India will comprise of trade and investment seminars, business-to-business meetings, site visits to potential projects that South African companies can render services to and meetings with Indian importers.