India-South Africa must look at ways to diversify trade basket: PM Modi

Asserting that India has emerged as an 'engine of growth' in times of global economic slowdown, Prime Minister Narendra Modi on Friday called South Africa a key trade and investment partner and said both the nations must look at ways to diversify the trade basket.

"There is tremendous scope as India-South Africa strengthen their eco fundamentals. We must look at ways to diversify our trade basket. I have been advocating three Ps for India: Public Sector, Private Sector and People's Partnership. African humanism, UBUNTU, should reflect in business ethos. South Africa is India's key trade and investment partner, bilateral trade has grown almost 380 percent," Prime Minister Modi said in the business meet.

Pointing out that the relations between India and South Africa are built on a strong foundation of history, Prime Minister Modi said Nelson Mandela and Mahatma Gandhi brought political freedom and it is the time to work for economic freedom.

"Our countries have marched on the path of development. We are important partners in the BRICS economies. People at home and world at large have great expectations," he added.

Asserting that India is seen as engine of global growth, the Prime Minister said 'Make in India' has become the biggest brand India has ever had.

"We are simplifying processes to become an easier place for business. Start up India launched to incubate ideas and develop them into enterprises. India is a bright star in the global economy. We are being seen as engine of global growth," he added.

He further said that India has liberalised the FDI regime in most of the areas and in all possible ways.

"Our socio-eco challenges are more or less same. We are uniquely positioned to complement each other. We have successfully held third Meeting of India-South Africa CEOs Forum. We value your recommendations and look forward to executing them," he added.

Prime Minister concluded his speech in the business meet by exhorting India-South Africa to join hands once more.