Johannesburg: Trade relations between India and South Africa surged in 2024, marking a significant recovery from the economic slowdown caused by the COVID-19 pandemic. This year also celebrated the 30th anniversary of the resumption of diplomatic ties between the two nations, with bilateral trade reaching an impressive USD 19 billion, surpassing pre-pandemic levels.
Highlighting the milestone, India’s Consul General Mahesh Kumar emphasized the initiatives that strengthened economic collaboration. “We organized high-profile Invest India events in collaboration with local institutions and established the India-South Africa Investment Network to foster connections among investors. Through the India Entrepreneurs Forum, we conducted capacity-building sessions for South African entrepreneurs,” Mahesh Kumar noted.
The India Business Forum, representing 150 Indian companies operating in South Africa, hosted sector-specific meetings to enhance business engagement. Mahesh Kumar also encouraged South African investors to reduce their reliance on Western intermediaries when exploring opportunities in India.
South Africa’s Trade, Industry, and Competition Minister Parks Tau reaffirmed his country’s commitment to deepening trade and investment ties during the launch of the India-SA Chamber of Commerce (ISACC).
At a seminar, India’s digital economy advancements were showcased as an example of fostering inclusive economic growth. Phuti Mahanyele, CEO of South African tech investment group Naspers, lauded Indian entrepreneurs for their ability to scale innovative products globally.
National Thermal Power Corporation of India and South Africa’s Eskom Signed MoU To Enhance General Purpose Coorperation
Energy cooperation also gained momentum as India’s Power Minister Manohar Lal Khattar attended the Matla-Urja Energy Conference’ in South Africa. During the event, the National Thermal Power Corporation (NTPC) of India and South Africa’s Eskom signed an MoU to enhance general-purpose cooperation. Additionally, 22 South African women engineers underwent training in India in solar panel manufacturing and installation.
Indian defense companies showcased their products at the Africa Aerospace and Defence (AAD) expo in Pretoria, and Mahindra South Africa celebrated the recognition of its Scorpio-N SUV as the top Adventure SUV. Meanwhile, India’s RailTel Corporation signed agreements with two South African firms, opening new opportunities in telecom and railways.
ALSO READ: Assam: Bodoland Territorial Council Unveils BTR Community Vision Document
South Africa’s Deputy Minister of International Relations and Cooperation, Candith Mashego-Dlamini, represented her nation at the Raisina Dialogue 2024 in India, addressing the theme, “South Rising, Institutionalising a South First Approach at G20.” South Africa is set to host the G20 Summit in 2025 with the theme “Fostering Solidarity, Equality, and Sustainable Development.”
In a delightful turn for mango enthusiasts, South Africa lifted its restrictions on importing Indian mangoes in 2023. This year, the Indian consulate in Johannesburg celebrated with the ‘Bharat Mango Utsav 24,’ bringing the coveted fruit to South African consumers.
The renewed vigor in trade and collaboration underscores the strong bond between India and South Africa, laying a solid foundation for future partnerships.
FIRST Business Portal addressing the potential of business capability of North East Region.
