India and South Africa agreed to strengthen bilateral cooperation in the MSME (micro, small and medium enterprise) sector. This was agreed in a bilateral meeting between Jyotiradiya M Scindia, Minister of state Commerce and Industries and Elizabeth Thabethe, Deputy Minister for Trade & Industry, government of South Africa. South Africa houses many prominent centres of learning and excellence. The MSME sector accounts for a large share of industrial output, employment and exports in both countries. There are immense opportunities of cooperation and strategic alliances in MSME sector, which could be in the form of joint ventures, technology collaborations or marketing tie-ups.
The total trade between the two countries in the financial year 2010-11 was 10.6 billion US dollars, higher than bilateral trade target of 10 billion US dollars by the year 2012, set during the visit of South African President Jacob Zuma to India in June, 2010. A revised bilateral trade target of 15 billion US dollars has been set for the year 2014 during the meeting of Minister of Commerce and Industry, Government of India and the Minister of Trade and Industry, Government of South Africa held on 10 January, 2011. South Africa is India’s 2nd largest trading partner in Africa. There is, however, ample scope of diversifying the existing trade basket by bringing in many more manufactured goods.
There is active contact between India and South Africa in multilateral fora, particularly at the NAM, Commonwealth, G-77, G-20, NAASP and WTO. Both countries are part of the IBSA trilateral initiative. Both countries are currently non-permanent members of the UN Security Council (2011-2012). SA rendered pro-active support in the NSG decision to enable full civil nuclear cooperation with India. SA recently participated in the BRICS summit held in China in April, 2011.
The total trade between the two countries in the financial year 2010-11 was 10.6 billion US dollars, higher than bilateral trade target of 10 billion US dollars by the year 2012, set during the visit of South African President Jacob Zuma to India in June, 2010. A revised bilateral trade target of 15 billion US dollars has been set for the year 2014 during the meeting of Minister of Commerce and Industry, Government of India and the Minister of Trade and Industry, Government of South Africa held on 10 January, 2011. South Africa is India’s 2nd largest trading partner in Africa. There is, however, ample scope of diversifying the existing trade basket by bringing in many more manufactured goods.
There is active contact between India and South Africa in multilateral fora, particularly at the NAM, Commonwealth, G-77, G-20, NAASP and WTO. Both countries are part of the IBSA trilateral initiative. Both countries are currently non-permanent members of the UN Security Council (2011-2012). SA rendered pro-active support in the NSG decision to enable full civil nuclear cooperation with India. SA recently participated in the BRICS summit held in China in April, 2011.
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