Increase Private Sector Engagement To Boost Bilateral Trade: South African Minister Tau
Date
8/20/2024 2:32:50 PM
(MENAFN- KNN India)
New Delhi, Aug 20 (KNN) South Africa is ramping up efforts to strengthen bilateral trade and investment with India, Trade, industry and Competition Minister Parks Tau announced on Sunday.
Speaking at the launch of the India-SA Chamber of Commerce (ISACC), Tau called for increased private sector engagement and improved government interaction to overcome barriers to trade expansion. He stressed the need for a shift towards more value-added products and services in the trade structure between the two countries.
"Over the past five years, our bilateral trade increased from USD 8 billion to USD 13 billion," Tau reported, noting that India currently ranks as South Africa's eighth-largest export destination and fourth-largest source of imports. However, he emphasised that there's still room for growth, with a target of USD 18 billion yet to be reached.
Tau also welcomed Indian investment in South Africa, encouraging further expansion of Indian companies' manufacturing presence in the country. He identified renewable energy, automotive component manufacturing, and healthcare as potential sectors for industrial cooperation.
The newly launched ISACC is expected to play a crucial role in facilitating trade and investment ties. Atul Padalkar, an ISACC representative, outlined the organisation's goals, which include addressing South Africa's trade deficit with India and contributing to South Africa's socio-economic challenges.
Padalkar highlighted the disparity in business presence between the two countries, noting that while about 130 Indian companies operate in South Africa, only around 20 South African companies have a presence in India.
He emphasised the need to support small and medium-sized enterprises (SMMEs) in bilateral trade, as current trade is dominated by larger corporations.
The launch of ISACC coincides with the upcoming appointment of Professor Anil Sooklal as South Africa's High Commissioner to India, marking a significant milestone as the first Indian-origin South African to head a mission in India.
As both nations look to deepen their economic ties, this new chamber of commerce is poised to become a key facilitator in realising the untapped potential of the India-South Africa partnership.
(KNN Bureau)
MENAFN20082024000155011030ID1108581269
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.