Encouraged by faster growth in trade between India and South Africa, industry body CII today forecast a $12-billion business by 2012 between the two nations.
"In less than two decades, trade volumes between the two countries grew at an appreciable rate. By 2012, it is likely to touch $12 billion from $7.5 billion in 2008-09," CII Western Region deputy chairman Praveen Toshniwal today said at a business conference here.
CII and Business Unity South Africa have organised a meet on India–South Africa: Sharing business opportunities. It was attended by over 200 delegates from South Africa accompanying its President Jacob Zuma, who is on his maiden presidential visit to the country.
Toshniwal, who is also chairman of Nivo Controls, said there is still immense untapped potential for trade growth and investment between the two countries.
The conference also deliberated upon the opportunities and challenges for the two nations with sector-specific discussions on information and communication technology, infrastructure, pharmaceutical, energy, mining and financial services.
