Vice President Paul Mashatile says South Africa has secured commitments from Indian business leaders to expand investment in key sectors of the economy following the successful conclusion of the first leg of his working visit to India.
Addressing members of the media at the conclusion of the first leg of his working visit on Tuesday, Vice President Mashatile described the visit as highly productive and said it has strengthened the long-term strategic partnership between South Africa and India while opening up new opportunities for trade, investment and economic cooperation.
The Vice President is leading a delegation of Ministers and Deputy Ministers on a working visit aimed at deepening bilateral relations and positioning South Africa as a preferred investment destination.
“We come to the Indian capital to further the long-standing friendship and partnership between our two countries. Currently, India is among the top 10 investing countries in South Africa.
Vice President Mashatile said, “The purpose of this visit is to strengthen our trade and investment relations. Thus, we interacted with business partners in South Africa and India, current investors and those interested in investing in our country.”
During the first leg of the visit, Vice President Mashatile held high-level meetings with Indian leaders, including Vice President Chandrapuram Ponnusamy Radhakrishnan and President Draupadi Murmu.
The discussions focused on strengthening cooperation in trade, investment, skill development, infrastructure and multilateral cooperation.
According to Vice President Mashatile, these events reaffirmed the historic ties between the two countries and highlighted opportunities for greater cooperation in trade diversification, investment promotion and skills development.
“Our meetings reaffirmed our historic shared bonds of cooperation and friendship between South Africa and India and our deep collaboration in areas such as trade diversification, investment promotion, skills development and multilateral cooperation in BRICS, IBSA, G20 and the United Nations,” the Vice President said.
He said both countries wish to align their cooperation with Africa's Agenda 2063 and India's Developed India 2047 vision to advance inclusive growth and development in the global south.
A key component of the visit was engagement with Indian business leaders and investors.
Vice President Mashatile delivered the keynote address at the Global Trade and Technology Council of India (GTTCI) Business Roundtable and met representatives of the National Association of Software and Services Companies (NASSCOM), one of India's leading technology industry organizations.
“There was consensus on moving from talk to action between South Africa and India, with the aim of transforming historic solidarity into a future-oriented partnership focused on innovation, industrialization and shared prosperity,” he said.
The South African delegation also met leading Indian companies operating in sectors including energy, water, infrastructure, agriculture and information and communications technology.
These include Mahindra Group, Jindal Power, IGT Solution, Thermax and Uflex.
“Our discussions focused on expanding investment in South Africa in sectors such as renewable energy, automotive manufacturing, mining and infrastructure,” he said.
The parties also explored opportunities to strengthen cooperation in agricultural exports and agro-processing, mineral beneficiation and vaccine manufacturing.
Result
Key outcomes of the visit included commitments by Indian industry leaders to increase investment in South Africa, particularly in clean energy, pharmaceuticals, ICT and automotive components.
Vice President Mashatile also welcomed progress in agri-trade following India's notification of in-transit cold treatment for South African citrus exports.
This development is expected to create new opportunities for South African citrus growers seeking greater access to the Indian market.
The Vice President said the visit has further strengthened cooperation between the two countries on reforming global institutions and advancing the interests of developing countries through multilateral fora.
He said South Africa and India have also agreed to deepen people-to-people ties, recognizing the strong cultural and historical ties between the two countries.
He said, “This visit has laid a solid foundation for greater cooperation and development for a better future for all. It has positioned South Africa as India's gateway to Africa under the African Continental Free Trade Area, while strengthening our role as a trusted partner in advancing the development agenda of the Global South.”
second leg
The second leg of Vice President Mashatile's visit will take him to Hyderabad, where he is expected to interact with leaders from the pharmaceutical and information technology sectors.
Discussions will focus on expanding partnerships that support innovation, youth employment and economic growth.
The Vice President said, “I have committed myself to increasing investment in South Africa and building a mutually beneficial relationship with India rooted in shared prosperity. Our trade in South Africa and India will be facilitated.”
The Vice President expressed optimism about the future of bilateral relations and indicated that the dialogue would continue.
He said, “As the second Vice President of South Africa to visit India, I want to reaffirm that although this visit is my first, it is the beginning of many to come. I look forward to returning to India in the near future to further strengthen our ties, deepen our economic partnership and pursue sustainable development.”
Vice President Mashatile concluded by thanking the Government and people of India for their hospitality during the visit. – sanews.gov.za