Huge untapped potential for investment between India, South Africa: Anand Sharma

Union Commerce and Industry Minister Anand Sharma has said huge untapped potential exists in the area of investment and bilateral trade between India and South Africa

Addressing the India Business Forum, in Johannesburg last evening, Sharma said that for Indian businessmen, Africa is an untested but potential huge trade and investment market for the future. South Africa could provide the key to unlocking this market.

He further said that India has become an important destination for investment and we are inviting foreign capital to fulfill our development requirements, at the same time many of our companies are expanding across the world and have earned a name for themselves as global challengers.

. “There is also a need to move into other sectors. Besides the business areas mentioned above, South Africa also offers enormous opportunities for Indian firms, especially in sectors like construction and engineering, mining, renewable energy and space science”, he added.

Sharma also said that Indian investment in South Africa has been substantially rising, at the same time there is a growing trend of South African investments in India.

“India’s involvement with Africa is and has been focused on helping African countries develop their own potential for human resource development. This has been an evolving process and India has, over the years, extended cooperation not just in IT, but also in agriculture, SMEs, transportation, infrastructure, health and education”, he added.

During his visit, Sharma participated in the commemorative celebrations of 150 years of arrival of Indians in South Africa.

In his meeting with the President of South Africa, Jacob Zuma, Sharma congratulated President Zuma on South Africa joining BRIC.

He also conveyed India’s desire to work together with South Africa in BRIC even as both the countries continue to deepen their partnership in the IBSA framework.

India is South Africa’s largest trading partner in South and South-East Asia and one of South Africa’s top-ten trading partners globally.

India’s exports to South Africa comprises mineral fuels, automobiles, iron and steel, machinery and instruments, organic and inorganic chemicals, drugs and pharmaceuticals, cotton yarn and fabrics and rice and other cereals. India’s imports from South Africa were gold, aluminum, phosphoric acid, coal, pulp and waste paper, precious stones including diamonds. (ANI)