News

India-South Africa Business Summit to strengthen investment

India-South Africa Business Summit to strengthen investment
Photo credit: GCIS

16 Apr 2018

Business Summit seeks to maximise the potential of the economic and commercial partnership between South Africa and India

The Department of Trade and Industry (the dti) in partnership with the High Commission of India, Ministry of Commerce and Industry of India, Invest India, the Confederation of Indian Industry, and the Federation of Indian Chambers of Commerce and Industry will host the India-South Africa Business Summit under the theme “United by Legacy, Unified for Prosperity”.

The Business Summit will be held on 29-30 April 2018 at the Sandton Convention Centre, Johannesburg and seeks to maximise the potential of the economic and commercial partnership between South Africa and India leveraging both the ‘Invest SA’ and Invest India’ initiatives.

South Africa’s Minister of Trade and Industry, Dr Rob Davies described South Africa’s relationship with India as strategic. He said that even though South Africa’s total investment to India increased to R10.3 billion in 2017 from R1.4 billion in 2003, a lot needed to be done to increase investments and create jobs in both countries.

He mentioned adding value to products as important, and could change the current picture of trade between the two countries, which is based more on exporting raw materials than manufactured products.

“Between January 2003 and September 2017, South Africa recorded a total of 29 FDI projects to India. These projects represent a total capital investment of R10.3 billion which is an average investment of R358.83 million. During the period a total of 5871 jobs were created,” said Minister Davies.

The event will open with a Dinner and a Tribute to Nelson Mandela and Mahatma Gandhi choreographed by UNICEF Goodwill Ambassador Mr. Gavin Rajah on 29 April 2018.

“India and South Africa share a strategic partnership that is over 200 years old. There are over 130 Indian companies in South Africa with an investment of about US $ 8 billion, employing approximately 18,000 South Africans,” explains Mr Suresh Prabhu, Minister of Commerce and Industry of India ahead of the summit. This Summit seeks to chart the way forward for the India-South Africa relationship.

The Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry will lead business delegations from India to the event. Companies from both countries will have exhibition booths at the Sandton Convention Centre and business to business meetings for interested companies will be facilitated on-site.

Both Ministers Shri Suresh Prabhu and Dr Rob Davies will deliver the keynote address. The Summit will also see the participation of the Premier of Gauteng Province, Mr David Makhura as well as Ministers, Chief Executive Officers and industry specialists from both South Africa and India.

2018 marks a significant year in South Africa-India relations, being the 25th year of establishment of diplomatic relations; 125 years of the Pietermaritzburg train ‘incident’ and the centenary of President Nelson Mandela.

Source Department of Trade and Industry, South Africa
Website Visit website
Date 16 Apr 2018
Share on