PRETORIA– South Africa’s Department of Trade and Industry (dti) will host this month the India-South Africa Business Summit in partnership with the High Commission (Embassy) of India, the Ministry of Commerce and Industry of India, Invest India, the Confederation of Indian Industry, and the Federation of Indian Chambers of Commerce and Industry.
The Business Summit seeks to maximise the potential of the economic and commercial partnership between South Africa and India leveraging both the “Invest SA” and “Invest India” initiatives. South Africa views its relationship with India as a strategic one, said Trade and Industry Minister Rob Davies.
He added that although South Africa’s total investment to India increased to 10.3 billion Rand (about 855 million US dollars) in 2017 from 1.4 billion Rand in 2003, a lot needed to be done to increase investments and create jobs in both countries.
Between January 2003 and September 2017, South Africa recorded a total of 29 Foreign Direct Investment (FDI) projects to India. These projects represent a total capital investment of 10.3 billion Rand which is an average investment of 358.83 million Rand (per project). During the period, a total of 5,871 jobs were created, said Davies.
The two-day Summit, which gets underway on April 29, will open with a dinner and a tribute to former President Nelson Mandela and Mahatma Gandhi. Indian Commerce and Industry Minister Suresh Prabhu said his country and South Africa shared a strategic partnership of more than 200 years.
There are over 130 Indian companies in South Africa with an investment of about 8.0 billion USD, employing approximately 18,000 South Africans, said Prabhu.
The Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry will lead business delegations from India to the Business Summit. Companies from both countries will have exhibition booths at the Sandton Convention Centre in Johannesburg and business-to-business meetings for interested companies will be facilitated on-site.
Both Prabhu and Davies are expected to deliver the keynote addresses at the Summit, which will also see the participation of the Premier of Gauteng Province, David Makhura, as well as Cabinet Ministers, chief executives and industry specialists from both countries.
The year 2018 marks a significant year in South Africa-India relations, being the 25th year of the establishment of diplomatic relations.
Source: NAM NEWS NETWORK