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PM lays emphasis on industry-to-industry ties with South Africa

oOne-fourth of India's investments in Africa were in South Africa, he says

Policy Pulse
Publish Date: Jul 8 2016 1:54PM | Updated Date: Jul 8 2016 6:24PM

PM lays emphasis on industry-to-industry ties with South Africa
Prime Minister Narendra Modi laid stress on industry-to-industry ties between India and South Africa for greater economic progress while thanking South African President Jacob Zuma for extending support to India's bid for Nuclear Suppliers Group membership.
 
“I am convinced that industry-to-industry ties not only can bring rich economic gains to our societies, they can give a new shape to our partnership, and drive it to new levels,” Modi said in a joint press statement with Zuma following delegation-level talks between the two sides.
 
“And, in the process, also help both our nations to play a more robust regional and global role,” he stated.
 
The PM said that in the last two decades, ties between the two countries has been a story of strong advances and concrete achievements.
 
“Two-way trade has grown by over 300 per cent in the last 10 years. Indian companies hold strong business interests in South Africa,” he said.
 
Modi said that one-fourth of India's investments in Africa were in South Africa.
 
“And there is potential to expand our business and investment ties further, especially in the areas of mineral and mining, chemicals and pharmaceuticals, high technology manufacturing and information and communication technology,” he said.
 
The PM said that given the nature of the two countries' developing economies , both should also focus on improving human capital. 
 
“Our capacities and needs in the fields of vocational, technical and professional education complement each other, and can benefit both our people,” he added. 
 
“India is also ready to share its expertise and capacities for the development of small and medium business in South Africa.” 
 
The Prime Minister said the two countries could partner in the field of defence and security. 
 
He of the view that companies from both countries could also pool their capacities to jointly develop or manufacture defence equipment and platforms.
 
Modi said during Friday's talks, he and Zuma agreed on the need to work more closely on international issues and emerging global challenges.
 
“I thanked the President for South Africa's support to India's membership of the Nuclear Suppliers Group,” he said. 
 
“We know that we can count on the active support of our friends, like South Africa,” he stated, adding that climate change was another issue of shared concern. 
 
He said that both sides agreed to “cooperate actively to combat terrorism, both in our region and in the world”.
 
He welcomed South Africa's chairmanship of the Indian Ocean Rim Association and said that it has emerged as a key platform of engagement for the maritime neighbours connected by the Indian Ocean. 
 
In his remarks, President Zuma said that over 100 Indian companies were operating in South Africa and they were playing a “significant role” in the country's economy and job creation.
 
“We are looking to diversify South Africa's exports to India,” he said.
 
Zuma cited the defence sector, deep mining and renewable energy as areas of bilateral cooperation.
 
This is Modi's first visit to mainland Africa and is also the first prime ministerial visit from India to South Africa since the then Prime Minister Manmohan Singh arrived in 2013 for the G20 summit in Durban.
 
Apart from Mozambique and South Africa, Modi will also visit Tanzania and Kenya.