Johannesburg, Jul 11 (PTI) A 27-member South African business delegation led by the Department of Trade and Industry, will visit India with an aim to develop export markets for locally-manufactured products and services as well as to attract new foreign direct investment into the country.
The ‘Outward Trade Mission’ from July 14 to 19 will feature a number of companies in the agro-processing, defence and electro-technical sectors.
The delegation will undertake a five-day visit to New Delhi and Mumbai.
The mission 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.
The project is part of the EMIA programme, which aims to develop export markets for locally-manufactured products and services as well as to attract new foreign direct investment into South Africa.
Deputy Minister of Trade and Industry Fikile Slovo Majola said that the upcoming mission will afford South African companies the opportunity to gain 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,” Majola said.
“It is estimated that the country imports a total of USD 400 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,” Majola said.
Majola added that there had been a substantial increase in the flow of trade and investment between South Africa and India since the establishment of formal diplomatic relations in 1994 after nearly more decades, when ties had been cut as India led the international struggle against apartheid.
“Currently, we have over one hundred and fifty Indian companies operating in South Africa that employ 18,000 South Africans,” he said
“South African investments to India are approximately USD 1 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 USD 20 billion in a few years,” he said.
The programme in India will comprise 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.