India,South Africa businesses to jointly tap opportunities
By IANSWednesday, September 1, 2010
JOHANNESBURG/NEW DELHI - Indian and South African businesses may jointly tap investment opportunities in the rest of Africa, taking advantage of the inherent synergies between the two economies.
The areas that could foster tie-ups are pharmaceuticals, healthcare, food processing, automobiles, components, biotechnology, information technology, telecommunications, infrastructure, roads and railways.
This came out clearly from a four-day “India Show” — a promotional event jointly organised by India’s commerce and industry ministry, and industry chamber Confederation of Indian Industry (CII)in Johannesburg.
The highlight of the event was a meeting of the high-profile India-South Africa chief executives’ forum. It was co-chaired by Tata Group chairman Ratan Tata and Patrice Motsepe, non-executive chair of African Rainbow Minerals (ARM).
The business leaders discussed the opportunities and challenges two-way trade offered and the bottlenecks that were hampering India-South Africa business ties.
Tata said the two economies should take advantage of the inherent synergies to form more partnerships.
Tata said South Africa can be used as a gateway to distribute products to the rest of the continent, owing to its strategic location and knowledge.
CII president Hari Bhartia said Indian pharmaceuticals companies were increasingly setting up base in South Africa, and that India-South Africa partnerships could be used to supply affordable, life-saving drugs into the rest of the continent.
Commerce and Industry Minister Anand Sharma, who was present at the meet, said he hoped the trade target of $10 billion set for 2012 could be achieved in 2011 itself, given the the current trend in bilateral trade.
The two-way trade stood at $7 billion last year. India is one of South Africa’s top ten investors.
South African President Jacob Zuma, who inaugurated the event, pushed for greater trade and economic ties between the two countries.
The event also saw India showcasing its “soft power”, featuring its culture, cinema, fashion and cuisine. Leading designers Satya Paul and Manish Malhotra displayed Indian traditional attires to project Indian culture.
As part of the show, an India Food Week was also organised in collaboration with Taj Mahal Hotel. It was inaugurated by Sharma and South Africa’s International Relations Minister Maite Mashabane.
