The $10 billion target for trade between India and South Africa by 2012 could be met as early as March, 2011, if the opportunities that exist are exploited at an accelerated rate, Commerce and Industry Minister Anand Sharma said here on Monday.
Speaking at a media conference on the periphery of the India Show, Sharma said, "Despite what had happened to the global economy, both trade and investment between India and South Africa remained robust."
"There was some decline, which is understandable, last year because of the global depression, but our economies have withstood that economic crisis much better," he added.
"There are enormous opportunities that exist in both the countries because both South Africa and India are addressing the larger developmental issues to ensure sustainable development.
"In India we also look at the various sectors -- infrastructure alone offers great opportunity to South African companies. We are currently spending in the ongoing five-year plan $550 billion on infrastructure creation and expansion. In the next ten years we will be spending $1.7 trillion on the infrastructure budget," Sharma said.
While inaugurating the India Show with Sharma, South African President Jacob Zuma said commerce and industry remain critical to building and nurturing developing nations.
"I am delighted to see our partnership with India giving life to stronger ties between our two countries," Zuma said.
"By working together, we can foster mutually beneficial relationships that will ensure that our peoples' prosperity increases during the 21st century," the President added as he reflected on his recent state visit to India with a 200-strong business delegation from South Africa.
Sharma told over 500 delegates from both countries that when plans to host five India Show events across the globe were finalised, South Africa was the natural choice to host the only event in the African continent because of its special relationship with India and the shared history of the two countries.
"We have no regrets that we had no trade with South Africa for decades and were the first to impose sanctions against South Africa," Sharma said as he recollected the dark days of apartheid and India leading the international struggle against the racist white minority government of the day.
But this had been offset by the exponential trade between the countries after ties were resumed at the advent of democracy in South Africa in 1994, resulting in a trade target of $10 billion by 2012 being set by the leaders of the two countries.
