India and South Africa have global competencies in areas like infrastructure, defence, mining and tourism which can be used for mutual benefit, India's envoy said today.
"South Africa has global competency in some areas with which they can leverage the new business environment in India through investment joint ventures, equity participation and joint collaborations," said Indian High Commissioner Ruchi Ghanashyam.
"These areas include Infrastructure, Defence, Financial Services, Deep Mining, Technology Solutions, Tourism and Food Processing," said Ghanashyam.
Ghanashyam was the guest at a dinner hosted by the Congress of Business and Economics (CBE), a recently revived arm of the erstwhile Transvaal Indian Congress that fought for the establishment of democracy in South Africa.
"In turn, South Africa can leverage Indian business expertise in areas such as Healthcare, Education, Pharmaceuticals, IT, Biotechnology and the SME sector," she said.
Ghanashyam highlighted Prime Minister Narendra Modi's 'Make in India' vision, which includes the easing of bureaucratic procedures to speed up investment in India.
Calling for two-way partnerships and investments, Ghanashyam said South African companies had brought new values to the Indian market.
"Leading South African companies such as the Airports Company of South Africa and Bidvest's involvement in Mumbai Airport; First Rand Bank and Old Mutual in the financial and insurance sector; and Reutech in defence have added value and complementarities to the Indian market," said Ghanashyam.
"The 150 Indian companies operating in South Africa have created huge job opportunities for South Africans, as well as transfer of knowledge, skills, technology and business values," she said.
Citing the USD 11.1 billion bilateral trade in 2013-14, Ghanashyam said the balance of trade was in South Africa's favour.
India was the third largest export destination for South Africa after China and the US, while the country remained India's second largest trading partner on the African continent after Nigeria.
Xolani Qubeka, President of the Black Business Council, said his organisation was already cooperating with India to implement the ideas expressed by Ghanashyam.
"We have already signed a Memorandum of Understanding with both FICCI and the National Small Industries Corporation of India to take some of our people to India for skills transfer, especially in the tooling industry, and we want to foster this relationship further though the committees in Brics as well," said Qubeka.
