Emphasising the need for India and South Africa to further diversify their trade basket, Prime Minister Narendra Modi said in Pretoria recently that bilateral trade between the two countries had risen 380% over the last decade.
“South Africa is India’s key trade and investment partner. In the last ten years, bilateral trade has grown almost 380%. The story of investments also continues to be bright. There is continuous flow of investments both ways. More than 150 Indian companies are operating in South Africa. The scope is tremendous,” Modi said in his address at the India-South Africa Business Summit.
Along with South African President Jacob Zuma, Modi attended the Summit, which aims to boost the economic ties between the two countries. Calling upon South African investors to increase their investments into India, Modi said that emphasis has been given upon the ease of doing business. Reiterating that India’s growth rate has been the bright star in the global economy, he said, “India has become the fastest growing large economy in the world.” At a time of global slowdown, India registered 7.6% growth in GDP in 2015-16.
Earlier, both sides also signed four agreements, including two on information and communication technology and tourism. Modi arrived in South Africa from Mozambique on the second leg of his four-nation tour of Africa.
This is his first visit to mainland Africa and is the first prime ministerial visit from India to South Africa since the then Prime Minister Manmohan Singh arrived in 2013 for the G20 summit in Durban.
Apart from Mozambique and South Africa, Modi will also visit Tanzania and Kenya.