South Africa

Details

  • Industry: Business Desk, India
  • Type: Business and industry issue
  • Date: 2009/10/23

India-South Africa Corridor - March 2009 

South Africa is hoping that its participation in the International Engineering and Technology Fair (IETF) which was held in February in Bangalore, as well as recent investments in India by South African companies.
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External Affairs Minister Pranab Mukherjee called for greater cooperation between India and Africa, saying the potential for bilateral trade between the two was more than what is reflected by existing trade levels.

 

According to Mr. Mukherjee, India will be doubling its line of credit to Africa to USD 5.4 billion for the five-year period beginning 2008-09 and provide USD 500 million over the next five to six years for projects in critical areas.

 

Although bilateral trade between Africa and India is less than 8 percent of India’s global trade volume, it has increased from USD 5 billion in 2001-02 to USD 30 billion in 2007-08.