India, South Africa agree to expand bilateral cooperation

   May 3, 11:31 am

Pretoria (South Africa), May 3 (ANI): India and South Africa have agreed to step up bilateral cooperation in areas such as trade, infrastructure, tourism and energy.

The move came soon after high-level talks between President Pratibha Devisingh Patil and her South African counterpart Jacob Zuma in Pretoria.

Earlier, the South African government held a special ceremonial reception for President Patil in Pretoria, following which Patil and Zuma addressed a joint press gathering revealing the details of their discussions.

Inviting India to boost South Africa's infrastructure program, Zuma called for enhanced bilateral ties.

"We would like to further enhance cooperation with India in a number of areas especially infrastructure development, training, trade and tourism. South Africa received enormous support and encouragement from India and our other BRICS partners, Brazil, Russia and China in our major infrastructure development plan. We once again extended an invitation to Indian business to invest in our infrastructure development program," said Zuma.

Meanwhile, Patil said there were several areas that were yet to be tapped and explored by Indian and South African businessmen to provide the much-needed impetus to bilateral growth.

"While expressing satisfaction over the current state of our relations, we did feel that considerable opportunities existed which are needed to be fully explored, particularly in the area of trade and economic cooperation. Indian companies are investing in capacity building by systematic training of South Africans, creating jobs and playing an important role in the development and economic growth of South Africa," said Patil.

In 2010-11, bilateral trade between India and South Africa was pegged at over 11 billion dollars. The trade turnover target is expected to reach 15 billion dollars by 2014.

India mainly exports mineral oil, textiles, chemicals and pharmaceutical goods to South Africa. New Delhi's main import from Pretoria remains gold. (ANI)

India can save USD 50 bn if logistics costs are brought down to 9 pct of GDP: Study Apr 30, 5:13 pm
New Delhi, Apr 30 (ANI): India can save up to USD 50 billion if logistics costs are brought down from 14 percent to nine per cent of country's gross domestic product (GDP) thereby making domestic goods more competitive in global markets, an ASSOCHAM-Resurgent India joint study said today.
Full Story
Moving from BS-IV to BS-VI norms beneficial for manufacturers, says Audi India Head Apr 30, 5:13 pm
New Delhi, Apr.30 (ANI): Audi India head Joe King on Saturday said that he feels the move from BS-IV norms to BS-VI norms directly would be a good move and beneficial for manufacturers, as it reduces complexity and costs substantially.
Full Story
Vodafone appoints six investment banks for $3bn India IPO Apr 30, 2:02 pm
New Delhi, Apr. 30 (ANI): Telecom major Vodafone is getting closer to its initial public offering (IPO) plan in India and the company has already selected investment bankers for the issue.
Full Story
Jabong announces partnership with ASICS Tiger for sportswear portfolio Apr 30, 1:50 pm
New Delhi, Apr 30 (ANI): After establishing itself as India's leading fashion destination online, Jabong has now announced its partnership with the leading iconic sports and lifestyle brand ASICS Tiger.
Full Story
Comments