Friday, June 7, 2013

India and South Africa bilateral trade USD 14 billion in 2012

The Federation of Andhra Pradesh Chambers of Commerce and Industry in association with Department of Agriculture, Forestry and Fisheries, Republic of South Africa organized an Interactive Meeting on “Bilateral Trade & Investment Opportunities in Agriculture, Forestry and Fisheries” on June 06, 2013 at Federation House, Red Hills, Hyderabad. 

Mr. Moketsa Ramasodi, Chief Director, Department of Agriculture, Forestry and Fisheries, Republic of South Africa and Mr. Mkhululi Mankazana, Counsellor, Agricultural Affairs, South African High Commission and Mr. Devendra Surana, President, FAPCCI was the key speakers at the session. 

Mr. Srinivas Ayyadevara, Senior Vice President, FAPCCI, Mr. Shyam Sunder Pasari, Chairman, International Trade Committee, FAPCCI any many industrialists, entrepreneurs also participated at the interaction.

Mr. Moketsa Ramasodi said that bilateral trade between India and South Africa was over USD 14 billion in 2012.  Exports from India to South Africa include vehicles and components thereof, transport equipment, drugs and pharmaceuticals, engineering goods, footwear, dyes and intermediates, chemicals, textiles, rice, and gems and jewellery, etc. Import from South Africa to India include gold, steam coal, copper ores & concentrates, phosphoric acid, manganese ore, aluminum ingots & other minerals.  There is substantial potential for trade growth between the two countries.

It is understood that India and South Africa is expected to conclude a preferential trade agreement by the end of this year, which aims at reducing tariffs on certain items traded between the two sides. We are sure, the India-SACU Preferential Trade Agreement (PTA) would enhance economic ties by reducing tariffs on several key products. Today, the South African Indian origin community numbers around 1.5 million and constitutes about 3% of South Africa’s total population. About 80% of the Indian community lives in the province of KwaZulu Natal, about 15% in the Gauteng (previously Transvaal) area and the remaining 5% in Cape Town Mr. Mkhululi Mankazana said.

Mr. Devendra Surana said in his welcome address is that the Andhra Pradesh is India’s fourth largest State gets much of its revenues from the Services sector and Agriculture.  Andhra Pradesh ranks second in India in terms of mineral wealth.  It has emerged as a key state for the knowledge-based industry including IT, Pharmaceuticals and Biotechnology.  Over 70 of the 500 top global corporations are present in the State.

Investment opportunities are abundant specifically in the manufacturing sector which includes food processing, floriculture, agro processing, petrochemicals, metals, textiles, leather, mining, transport equipment, telecom and so on.  The infrastructure sector is rife with opportunities, be it the areas of power, ports, roads, bridges, telecom facilities, development of coasts, waterways,  Financial services, R&D and Tourism, particularly medical tourism, offer plenty of scope for investment Mr. Devendra Surana explained the South African delegates.

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