India,SA to bolster business ties in IT, renewable energy and pharmaceuticals sector

Among a wide range of issues discussed between India and South Africa during bilateral meetings here today, both countries laid firm emphasis on bolstering cooperation in several key areas, including IT, renewable energy and pharmaceuticals.

A joint statement issued after Prime Minister Modi and South African President Jacob Zuma led their delegates to bilateral talks, underlined the importance of strengthening cooperation between business entities of South Africa and India.

Both sides agreed to deepen cooperation in manufacturing, mines and minerals, IT, renewable energy, pharmaceuticals, tourism, Science and Technology (S&T) and financial services.

President Zuma furthermore noted and welcomed the relaxation of foreign direct investment rules through the lifting of the caps on foreign direct investment in nine sectors of the Indian economy including the defence, food retail, local airlines, private security firms and pharmaceutical sectors.

He said the announcement will have a major impact of attracting foreign investment in these areas from South Africa.

The South African President invited the private sector of India to invest in various sectors of South Africa's economy and took note of the opportunities for South African companies under the "Make in India" initiative.

Meanwhile, the Indian side noted the invitation to take advantage of infrastructure development opportunities in South Africa and the Continent.

India and South Africa today inked three Memoranda of Understanding and one Programme of Cooperation to take their "partnership in progress" one more step forward.

Earlier, Prime Minister Narendra Modi received a ceremonial welcome at the Union Building of Pretoria, which was followed by one-on-one private conversation with President Jacob Zuma and delegation-level talks.

In the evening, he will visit the Nelson Mandela Foundation, participate in the India-South Africa Business Meet and address an Indian community programme.

Prime Minister Modi arrived here on Thursday evening on the second leg of his four-nation five-day tour to the African continent with an aim to enhance mutual cooperation and understanding on major issues of common interest.