Deputy Trade and Industry Minister Elizabeth Thabethe
A delegation of forty businesses people, led by Deputy Trade and Industry Minister Elizabeth Thabethe, is visiting Chennai and Mumbai, in India, this week for the fifth yearly Investment in Trade Initiative (ITI), aimed at creating market access for South African value-added products and services in India, while also promoting South Africa as a trade and investment destination.
The ITI, from February 24 to 28, formed part of the DTI’s export and investment promotion strategy to focus on India as a high growth export market and foreign-direct investment source.
Thabethe said in a statement that India’s emerging economy was expected to play an important and growing role in the South African and global economy in coming years.
“World trade patterns are changing and trade with India is of growing importance to South Africa. Since establishing bilateral relations in 1993, trade between India and South Africa has grown steadily and consistently. The potential of India’s economy and the country’s growth trajectory is forecast to recover to previous levels in the coming years. This is good news for South Africa,” she said.
Thabethe added that South Africa’s trade with India had doubled over the last five years, with minerals – such as gold, diamonds and platinum ¬– base metals, chemical products and machinery making up the bulk of exports.
“India has been one of our top ten trading partners for the past few years and is now our fifth-largest export destination and sixth-largest source of imports, according to the latest data,” she pointed out.
The fifth ITI would specifically target the promotion of South Africa’s agroprocessing, beneficiated metals and mining technology, automotive components and electrotechnical sectors in India.
Expected outcomes of the meeting included generating trade leads, identifying potential buyers and building a presence and image of South Africa’s diverse market in India.