South Africa and India are set to become global economic power centres and the two countries should do more business with each other to create more jobs, a senior South African minister said here today.
"The emerging economies have become the new centres of economic growth," said Deputy Minister of Trade and Industry Mzwandile Masina at the 6th India Investment and Trade Initiative (ITI).
"Our regions are designed to become global economic power centres," he said. "BRICS in particular is in the forefront of the leading economies of the future."
Masina said both countries should take advantage of the BRICS membership and do more business with each other.
BRICS countries comprise Brazil, Russia, India, China and South Africa.
Masina said India is a key trading partner and added that he was pleased to see that investment between the two countries was growing, though the level was still very low given the size of the Indian market.
"Trade and investment should also be at the top of our agendas because it would contribute to creating more jobs and growth when we need it the most," Masina said.
He urged Indian business people to consider importing value added goods from South Africa.
Masina said there was scope to do more to increase the investment, hence South Africa's return to India for the ITI.
The seminar, which was attended by more than 200 business people from India and South Africa, is part of the Department of Trade and Industry's export and investment promotion strategy to focus on India as a high growth export market and foreign direct investment source.
Total trade between the two nations grew from 80.9 billion Rand in 2013 to 90 billion Rand at the end of 2014.
Out of this South Africa exported 40.9 billion Rand and imported goods worth 49.4 billion Rand from India during 2014.