South Africa’s Wish List For Indian Market Access: Defense, Mining, Renewable Energy

South Africa’s Wish List For Indian Market Access: Defense, Mining, Renewable Energy

From BusinessDayLive. Story by Genevieve Quintal.

South Africa is looking to increase and diversify its exports to India and has identified new areas for market access, including defense, mining and renewable energy, President Jacob Zuma said Friday.

Zuma had been meeting Indian Prime Minister Narendra Modi who is visiting South Africa for the first time.

Modi is on a tour of Africa in a bid to boost ties with the region.

South Africa was the second leg of visit that began in Mozambique. Modi will also visit Tanzania and Kenya.

Addressing the media after official talks, Zuma said several sectors had been identified for possible co-operation between the two countries.

These included agro-processing, mining, water and waste management, retail, financing and infrastructure development.

There were more than 100 Indian companies operating in South Africa, which Zuma said contributed to economic growth and job creation.

The president said the country is keen to explore further opportunities for training from India.

The two countries also agreed to enhance co-operation in international forums, specifically within the context of BRICS, the India Brazil SA (Ibsa) forum, the Group of 77 (G-77) plus China, the Commonwealth and the Group of 20 (G-20).

South Africa’s wish list for Indian market

“India … is shaping the (BRICS) New Development Bank to be a formidable player in financing much-needed infrastructure in Africa and the rest of the developing world,” Zuma said.

Modi said the strong ties between South Africa and India have grown stronger in the past two decades.

Trade between the two countries grew more than 300 percent in the past 10 years.

“There is potential to expand our business and investment ties further, especially in the areas of minerals and mining, chemicals and pharmaceuticals.”

Read more at BusinessDayLive.