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Pretoria – Delegates of the South Africa-India Business Forum and Chief Executive Officers Forum hope that Prime Minister Narendra Modi’s visit to South Africa will strengthen trade and investment between the two countries and unlock more opportunities for business.
Modi is on a four-nation African tour which also includes Mozambique, Tanzania and Kenya. This is his first official visit to South Africa as head of state.
“[The state visit] is not just important for trade, but also for investments between the two countries,” said Adi Godrej, co-chairperson of the South Africa-India CEOs forum. He added that India is the fastest growing economy in the world while South Africa has many strengths, especially in the financial sector.
South Africans can learn much from India in terms of doing business, said Vivian Reddy, businessman and co-chairperson of the CEOs Forum. The top CEOs of SA and India will come together to discuss how to move South Africa and India forward together to achieve more trade. “Collectively, if the two countries can put heads together they can become a colossal giant,” he said.
India is South Africa’s sixth-largest trade partner, with trade in 2015 standing at almost R95bn. Trade with India represented 4.9% of South African imports and 4.1% of exports. India’s exports to South Africa lifted from R29bn in 2011 to R54bn in 2015, while South Africa’s exports to India rose from R24bn in 2011 to R41bn. It was hoped to leverage this growth, added Godrej.
Modi’s visit will strengthen bilateral relations which is important as bilateral trade declined to $9.5bn in 2015, said Godrej. A few bilateral agreements could ease trade, added George Sebulela, chairperson of the Black Business Council. With India at the forefront of information and communications technology, an "exchange of knowledge will ensure that both countries excel", said Sebulela.
AUDIO: Interview with Vivian Reddy, co-chairperson of South Africa- India CEOs forum
