Pretoria: The Deputy Minister of Trade and Industry, Mzwandile Masina, has arrived in Hyderabad in India where he is leading a delegation of South African businesspeople to the 6th annual India Investment and Trade Initiative (ITI).
The ITI – which is scheduled to take place from Monday to Wednesday – is expected to create market access for the South African value-added products and services in India.
It will also promote South Africa as an attractive trade and investment destination.
The Deputy Minister has encouraged the delegation of 25 businesspeople to maximise the opportunities offered by the Indian market and to follow up on the economic opportunities and partnership with Indian companies based in Hyderabad.
“India has an interest in Africa, particularly South Africa. In their interaction, it is important that members of the South African business delegation inform their Indian counterparts about our government programmes aimed at achieving the industrialisation and localisation of our the economy with special focus on Broad-Based Black Economic Empowerment, “ said Deputy Minister Masina.
The Deputy Minister’s programme will include bilateral meetings with the Chief Minister of Andhra Pradesh Sri Nara Chandra Babu Naidu and meetings with potential investors in business processing outsourcing (BPO), mining and the film industries.
He will also address a business seminar hosted by the Indian government in partnership with the Hyderabad Chamber of Commerce.
Trade between South and India has increased significantly over the past eight years, growing from R16.12 billion in 2006 to R90 billion in 2014.
This growth was driven by a major increase in the South African exports to India.
SOURCE: SOUTH AFRICAN OFFICIAL NEWS