Elizabeth Thabethe, the Deputy Minister of Trade & Industry, South Africa, who was in Chennai on the occasion of the 5th Investment & Trade Initiative, said that total investment till now by Indian companies has touched $6 billion and this is expected to touch $7 billion in the coming years.
It is learned that Motherson Sumi and Serco are the two of the biggest investors from India in South Africa. The Deputy Minister, however, refused to share any specific names.
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Thabethe added that total trade between India and South Africa grew by 235% to $15.7 billion in 2012 from $4.7 billion in 2007, with South Africa mainly exporting gold, coal, iron and steel, inorganic chemicals and ores.
South African imports on the other hand comprised mainly of petroleum products, motor vehicles and pharmaceutical products.
"It is without doubt that the key to unlocking our developmental ambitions will emanate from mutually beneficial trade. This would require our respective business communities earnestly considering projects with a strong focus on beneficiation as opposed to merely commodity trading," said Thabethe.
She added, “we should however not minimise the gains that have been made including the 60 Foreign Direct Investment (FDI) projects that Indian companies have committed to between 2003 to 2012."