SME Times News Bureau | 31 Aug, 2010
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.