| July 5, 2016

Indian Prime Minister Narendra Modi will visit South Africa, beginning from July 8 to boost bilateral ties, Minister of Trade and Industry Rob Davies said on Monday.

The prime minister, who is to be accompanied by a high-level business delegation, will attend the South Africa-Indian the Business Forum in Pretoria on Friday, according to Davies.

The meeting will be preceded by the South Africa-India CEOs Forum.

The visit will be part of considerable interaction between South Africa and India in the multilateral context, which includes regular meetings on IBSA (India, Brazil and South Africa), BRICS (Brazil, Russia, India, China and South Africa), and India-Africa Forum Summit, Davies said.

India is South Africa's 6th largest trade partner, with trade in 2015 reaching almost 95 billion rand (about 6.5 billion U.S. dollars). Trade with India represented 4.9 percent of South Africa's imports and 4.1 percent of exports.

India's investment into South Africa has been in numerous sectors such as in the mining industry, financial services, pharmaceutical and manufacturing sector.

South African companies have also grown their investments in India with a total of 24 projects.

The leading sectors for South Africa's investment in India were financial sector, machinery and equipment and software and IT services.

Source: Nam News Network

Category: General

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