Posted: July 10, 2019
SA Delegation on Mission to Showcase Locally Manufactured Value-Added Goods in India
|A 27-member South African business delegation comprising of companies in the agro-processing, defence and electro-technical sectors will jet-out to New Delhi and Mumbai, on an Outward Trade Mission to showcase locally manufactured value-added products and services in India from 14-19 July 2019.
The Mission is led by the Department of Trade and Industry (the dti) through the Export Marketing and Investment Assistance (EMIA) programme, whose objectives are to develop export markets for locally manufactured products and services as well as to recruit new foreign direct investment into South Africa.
The Deputy Minister of Trade and Industry, Mr Fikile Slovo Majola says that the upcoming mission will afford South African companies with key insight into the Indian culture of business, in pursuance of diversifying South Africa’s export basket into India and globally.
“India boasts a population of over one billion people and it is also the 12th largest importer and the 17th largest exporter in value, presenting significant trade opportunities for South African firms. It is estimated that the country imports a total of USD400 billion of goods and services annually and this presents substantial opportunities for South Africa in the areas of trade in value added goods and services,” says Majola.
Majola adds that there has been a substantial increase in the flow of trade and investment between South Africa and India since the establishment of formal diplomatic relations.
“Currently, we have over one hundred and fifty Indian companies operating in South Africa that employs 18 000 South Africans. South African investments to India are approximately USD1 billion inclusive of companies such as Sanlam, Old Mutual and Life Healthcare, amongst others. We also have a standing agreement where we have committed to increasing our total trade to USD20 billion in a few years,” he says.
The five-day programme in India will comprise of trade and investment seminars, business-to-business meetings, site visits to potential projects that South African companies can render services to and meetings with Indian importers.