25 February 2014
A delegation of 40 business people, headed by Deputy Trade and Industry Minister Elizabeth Thabethe, departed for India on Monday on a five-day mission to promote South Africa as a trade and investment destination.
The Department of Trade and Industry (DTI) said in a statement on Monday that its fifth annual Investment and Trade Initiative in India would target the promotion of South Africa’s agro-processing, beneficiated metals and mining technology, automotive components and electro-technical sectors.
The mission, which will include trade and investment seminars, mini-exhibitions and business-to-business meetings in Chennai and Mumbai, is looking to “generate trade leads, identify potential buyers and build a presence and image of South Africa’s diverse sector in India,” the DTI said.
According to Thabethe, India’s fast-growing economy is expected to play an important and growing role in the global economy in coming years.
“World trade patterns are changing, and trade with India is of growing importance to South Africa,” she said, adding that predictions that India’s economy would recover to its previous high levels in the coming years were good news for South Africa.
South Africa’s trade with India has 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 10 trading partners for the past few years and is now our fifth-largest export destination and sixth-largest source of imports,” Thabethe said.