Economists and investors have welcomed government’s commitment to driving business and investment opportunities between South Africa and other BRICS countries. They say discussions to this effect, which took place at the India South Africa Business Summit in Sandton on Monday, are a positive step that government has taken to kick-start the economy.
Bilateral trade between India and South Africa has grown significantly since the end of apartheid in 1994. From just $4 billion dollars in 2005-2006, to $10 billion in 2010, Then $68-billion in 2012, reaching $107-billion in 2017.
Today India is South Africa’s country’s sixth to eight largest trading partner.
Speaking at the Summit, Trade and Industry Minister Rob Davies and his Indian counterpart Suresh Prabhu said it was time to take that forward. Public Enterprises Minister Pravin Gordhan also emphasised the need to strengthen economic ties between the two countries.
Minister Davies stressed that the reason Indian-South African trade had been so insignificant in 1994 had been India’s steadfast opposition to apartheid.
India maintains business relations with South Africa despite Guptas
