SA, India should take advantage of growth in each other’s economies

Pretoria: South African and Indian companies should take advantage of the growth and economic development in each other’s countries, says Trade and Industry Deputy Minister Mzwandile Masina.

“There are great opportunities offered by both countries to be explored in manufacturing, agriculture and infrastructure development. Telengana, as a new state, has a massive infrastructure plan that our companies could take part in and collaborate with the local Indian companies,” said the Deputy Minister.

The Deputy Minister is leading a 25-member business delegation to the sixth annual India Investment and Trade Initiative (ITI).

Deputy Minister Masina and the Chief Minister of Indian State of Andhra Pradesh, Sri Nara Chandra Babu Naidu, agreed to cooperate in order to deepen trade relations and also exchange best practice models that could assist South Africa and India to advance economic development.

This emanated from the bilateral meeting that they held in Hyderabad, India, where both parties agreed to explore areas where South Africa and India would look into cooperation investments, trade and infrastructure development.

Deputy Minister Masina said the meeting was significant as it discussed areas where South Africa and India could collaborate in different sectors that would create sustainable jobs and grow the economies of their countries.

He said he was encouraged by Chief Minister Naidu’s work of moving the economy of Andhra Pradesh State up the value chain, especially in-bio technology, pharmaceuticals, logistics and infrastructure roll-out, and that these were important areas where South Africa could collaborate with this state.

Deputy Minister Masina extended an invitation to Naidu to lead a delegation of businesspeople to South Africa to also explore such partnerships.

Deputy Minister Masina arrived in Hyderabad on Sunday.

The ITI forms 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.

The ITI will conclude tomorrow.

SOURCE: SOUTH AFRICAN OFFICIAL NEWS