Commerce and Industry Minister Anand Sharma Monday said that the $10 billion target for trade between India and South Africa by 2012 could be met as early as March, 2011, if the opportunities that exist are exploited at an accelerated rate.

"Despite what had happened to the global economy, both trade and investment between India and South Africa remained robust," Sharma said while speaking at a media conference in Johannesburg.  

"We are going to examine a Comprehensive Economic Partnership Agreement (CEPA) between India and South Africa, as the country is a strategic partner," he added.

Trade between the countries have increased from $7.49 billion in 2008-09 to $7.7 billion in the last fiscal.

"There was some decline, which is understandable, last year because of the global depression, but our economies have withstood that economic crisis much better," Sharma said.

He added that there are enormous opportunities that exist in both the countries because both South Africa and India are addressing the larger developmental issues to ensure sustainable development.

On opportunities for South African companies in India, he said that infrastructure alone offers great opportunity to them, adding, "We are currently spending in the ongoing five-year plan $550 billion on infrastructure creation and expansion. In the next ten years we will be spending $1.7 trillion on the infrastructure budget."

While inaugurating the India Show with Sharma, South African President Jacob Zuma said commerce and industry remain critical to building and nurturing developing nations.

"By working together, we can foster mutually beneficial relationships that will ensure that our peoples' prosperity increases during the 21st century," the President said as he reflected on his recent state visit to India with a 200-strong business delegation from South Africa.