Encouraging Future in Indo–South Africa Trade

By admin • June 3rd, 2010

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South African President Jacob Zuma, has urged India and South Africa to develop stronger trade relations to benefit both developing economies.

President Zuma, currently in Mumbai, said he has an “unflattering desire and commitment” to build on current trade relations, in hope of increasing trade from $7.5 billion a year to $10 billion a year by 2012. With both economies developing there is huge potential for constructive collaborations which will benefit both parties in sectors such as financial services, information technology, infrastructure and transport

South African companies in financial sectors are eager to explore investment opportunities in India, most notably in agro processing and cold chains, tourism, hotel, retail, iron and steel, chemicals, fertilizers, gold and diamond.

This desire to increase trade relations has also been suggested by Indian trade Minister Anand Sharma, who highlighted that both countries are in similar positions of economic growth and they should try to help one another in future developments.

Both Zuma and Anand said had it not been for the global economic collapse, trade relations would have been stronger, and that they are now in a position to challenge Europe and USA and the stronger global powers.

Zuma is to continue his tour by visiting Prime Minister Manmohan Singh and other leaders in Delhi on Friday where they will also discuss reforms of the United Nations Security Council, the global economy and climate change issues.

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