Expressing the need to take steps to boost economic engagement, India and South Africa today agreed to enhance bilateral trade to $15 billion by 2014.
After attending the meeting of India-South Africa CEOs Forum, which was co-chaired by by Tata Sons Chairman Ratan Tata from the Indian side and African Rainbow Minerals Executive Chairman Patrice Motsepe from South Africa, Commerce and Industry Minister Anand Sharma said that both the sides would deliberate on the recommendations of the forum.
"We have a revised [bilateral trade] target of $15 billion by 2014. We feel that we are on course...But further steps are required and those we will be exploring together," Sharma told reporters here.
In 2010, the two-way trade stood at $10 billion.
The CEOs forum, which was formed last year, has submitted their recommendations to increase economic cooperation between the countries.
"Some of the recommendations are for the business people themselves like how the business organisations should be working in a particular sector to enhance opportunities. Some of the recommendations are for the government," South African Trade Minister Rob Davies said.
Davies said that Indian companies are among the largest cooperative investors in South Africa.
"South African companies are finding growing role in the Indian market," he added.
