India seeks more S.African investments

India and South Africa are looking to deepen their economic ties beyond the current $19 billion in annual trade with a focus on diversification and increased investment. In a recent interview with CNBC Africa Reporter Palesa Mofokeng, the Consul General of India in Johannesburg, Shri Mahesh Kumar, highlighted the strides made in trade relations between the two countries over the past decade. While acknowledging the significant growth in trade volume, he emphasized the need for diversification in the trade basket to include more complex goods and reduce the reliance on a few dominant commodities. On the investment front, Kumar expressed optimism about the potential for further collaboration, pointing to the launch of the India-South Africa investors network as a platform to bring together investment communities from both nations. He underscored the importance of facilitating dialogue and creating opportunities for investors to explore partnership possibilities. Kumar also noted that while India has been a key destination for South African investment, there is growing interest from South African businesses to expand into the Indian market. One of the key initiatives discussed in the interview was the potential for South African investments in sectors such as infrastructure, high tech, and defense production in India. Kumar highlighted the robust defense technology in South Africa and the opportunity for collaboration with Indian companies under India's defense procurement policy framework. He also emphasized the need for enhanced connectivity and addressed some of the challenges related to visas and direct flights between the two countries. Looking ahead, Kumar projected a significant growth trajectory for both trade and investment between India and South Africa. While trade has been steadily increasing, he highlighted the potential for double-digit growth in the near future and expressed confidence in the mutual enthusiasm for expanding economic cooperation. While he refrained from providing a specific timeline for the growth projection, Kumar emphasized the positive sentiment among businesses from both countries and the shared commitment to fostering stronger trade and investment ties. In conclusion, the Consul General's insights shed light on the opportunities and challenges in India-South Africa economic relations, underscoring the potential for deeper collaboration and increased flows of trade and investment between the two nations. As both countries position themselves as key players in their respective regions, the prospect of enhanced economic engagement holds promise for unlocking new avenues of growth and prosperity.