Shri Anand Sharma, Union Minister of Commerce & Industry Minister and Ms. Maite Nkoana-Mashabane, Minister of International Relations and Cooperation of South Africa, during the course of their meeting here today, stressed that the trade basket is required to be expanded to tap the enormous potential. Both the Ministers agreed that early conclusion of India-SACU Preferential Trade Agreement (PTA) and Bilateral Investment Promotion and Protection Agreement (BIPA) will provide further impetus to trade in goods and investments. It was also agreed that the CEO Forum should be reconstituted at the earliest.
Both the Ministers expressed satisfaction at the level of bilateral trade which has touched US $ 7,406.51 million during 2008-09. India’s imports from South Africa was US $ 5,440.36 million during this period and India’s exports to South Africa was US $ 1966.15 million. Both Ministers discussed the two way investments, and noted that Indian investments were about US $ 3 Billion with many projects still under implementation. There is interest in South African companies to invest in India also and present inflows are about US $ 100 million.
South African Minister informed that President Zuma has accepted the invitation to visit India, likely early next year.
Both the Ministers expressed happiness at the warm and close multifaceted relations between India and South Africa and exchanged views on a wide range of issues including bilateral and multilateral trade and investment related issues.
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