Expert, diplomats and speakers from India and South Africa came together in Johannesburg for the India-South Africa Business Summit 2018, where they discussed ways to expand trade relationships between the two countries.
India’s Commerce and Industry Minister, Suresh Prabhu believes that great potential exists between the two regions.
A meeting was held in New Delhi just a month earlier, to explore trade possibilities.
Says Prabhu: “We realised that some of these countries have so much capability which we were not aware of, so we can actually use that and bring it into India as well.”
“We are preparing for each and every country what it is that we can do together. We don’t want to offer one single solution to all the countries, but something befitting each of the countries in the southern African region.”
Prabhu added that India’s commitment to trade relations with Africa is “very strong” and efforts are on to find out how the credit extended for project financing in some of these countries can be further improved.
South African Minister of Trade and Industry, Rob Davies detailed that South Africa has a strategic relationship with India.
“Our bilateral trade is growing and has increased from R68 million in 2012 to R107 million in 2018. Investment has also grown seeing 130 Indian firms investing in South Africa and 29 South African FDIs in India for R10 billion.”