There is a huge untapped potential in the India - South Africa Partnership. This was stated by Shri Narendra Modi, Hon'ble Prime Minister of India while addressing the India South Africa Business Forum which was organized by the Confederation of Indian Industry (CII) in cooperation with the Federation of Indian Chambers of Commerce and Industry (FICCI), The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Ministry of External Affairs, Government of India and the Department of Trade and Industry, Republic of South Africa.
It was in this context that the Prime Minister called upon Industry on both sides to work proactively to strengthen bilateral economic relations. According to the Prime Minister, Indian investment in South Africa had already crossed the USD 10 billion mark and was growing further. Some sectors which he felt had great potential for Indian companies included IT and ITeS, Renewable energy, Gems and Jewelry and skill development among others.
He felt that South African companies could invest in sectors such as food and agriculture, mining, infrastructure development and Banking and insurance among others.
He stated that the Government had undertaken a series of reforms to make ease of doing business in India easier. The Government had also launched several initiatives such as Make in India, Startup India, Digital India which has helped make India an attractive market. He invited South African companies to invest in India. He also welcomed the proposal to simplify and reform South African business visa regime.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)