Indian Industry Keen on Working with South African Industries
Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) President , Ravindra Modi, expressed confidence that South African Consulate General (Consul-Economic) Mr Phillip Mtsweni’s visit to the state, will further expand the economic ties between the two countries.
Speaking at a interactive Meet on Economy and Business Opportunities in South Africa, Ravindra said that India and South Africa stand to mutually gain from our bilateral trade relations, particularly in these competitive arena across the globe.
He assured the South African Consulate that they will have the fullest support of the FTAPCCI in strengthening their respective business engagements.
South Africa’s vast resources have long stirred up commercial interest throughout the world. Besides oil and gas, it has huge deposits of gold, silver, copper, iron, uranium and diamonds. India and South Africa shares the same historical background and now the burgeoning trade and investment growth is taking this relationship to a new directions.
There is significant untapped potential for services industry between India and South Africa particularly, business travel and tourism.
It is still relatively under exploited by the growing number of international travelers from India.
South Africa is the largest export market in the African continent for India, accounts for over 22 per cent of India’s merchandise goods, he said India’s exports 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.
India’s imports include gold, steam coal, copper ores & concentrates, phosphoric acid, manganese ore, aluminum ingots & other minerals.
South African Indian origin community numbers around 1.5 million and constitutes about 3 percent of South Africa’s total population.
About 80 per cent of the Indian community lives in the province of KwaZulu Natal, about 15 per cent in the Gauteng (previously Transvaal) area and the remaining 5 per cent in Cape Town.
South Africans of Indian origin are well-represented in Government, business, media, legal and other professions, he added.