South Africa, India to strive for $15 billion trade target before 2014 deadline

Johannesburg, May 4 (ANI): South African President Jacob Zuma has said that India and South Africa will strive to meet their annual trade target of 15 billion dollars before the self-imposed deadline of 2014.

The two countries had also agreed to increase their commercial exchanges during Zuma's state visit to India in 2010, News 24 reports.

After meeting visiting Indian President Pratibha Patil, Zuma said that both countries are on track to reach the trade target before the set schedule.

"We set a target of $15bn of trade between South Africa and India, to be achieved by 2014. According to current trade statistics this could be reached earlier than anticipated," he told the South Africa-India business forum in Pretoria.

 "The figure by the end of 2011 was close to $7bn. We are on the right path indeed," Zuma said.

Africa's largest economy grew by 3.1 percent in 2011, but was dragged down by a 23.9 percent unemployment rate.

 Nigeria, the continent's most populous nation and largest oil producer, was India's largest trading partner with 10 billion dollars worth of business in 2010.

 "Let me remind you that you are in the right continent at the right time. The African continent is the new frontier of economic growth and development," Zuma said. ( target="_blank">ANI)