Fin24

Zuma sets $15bn target for SA-India trade

2012-05-04 09:26

Johannesburg - Trade between South Africa and India will reach the target of $15bn per year before a self-imposed 2014 deadline, South African President Jacob Zuma said on Thursday.

The two countries agreed to increase their commercial exchanges during Zuma's state visit to India in 2010.

But they are on track to reach the mark ahead of schedule, Zuma said during a return visit from Indian President Pratibha Patil.

"We set a target of $15bn of trade between South Africa and India, to be achieved by 2014. According to current trade statistics this could be reached earlier than anticipated," he told the South Africa-India business forum in the South African capital Pretoria.

"The figure by the end of 2011 was close to $7bn. We are on the right path indeed."

Africa's largest economy grew 3.1% in 2011, but is dragged down by a 23.9% unemployment rate.

Nigeria, the continent's most populous nation and largest oil producer, was India's largest trading partner at $10bn in 2010.

"Let me remind you that you are in the right continent at the right time. The African continent is the new frontier of economic growth and development," said Zuma.