New Delhi, February 24, 2016: With respect to the growing mutual collaborations between India and South Africa, the Department of Trade and Industry commences the 7th edition of the Investment and Trade Initiative (ITI) in New Delhi on 25th and 26th February 2016 at PHD house, New Delhi. Prior to Delhi, the 2 day ITI was concluded in Hyderabad on 23rd February 2016.
The ITI is part of the Department of Trade and Industry’s (the dti) export and investment promotion strategy to focus on India as a high growth export market and foreign direct investment source.
The trade delegation from South Africa, comprising 26 companies, have travelled to India to attend the seventh annual Investment and Trade Initiative (ITI), to showcase the best of South African products. ITI would enhance the value addition of the goods exported to the Indian market and explore opportunities of joint ventures with Indian companies in sectors like agro-processing, cosmetics, pharmaceuticals, mining and mineral beneficiation, infrastructure, architecture and renewable energy sectors.
South Africa has evolved and extended its capacity in various sectors across the Indian market which comes from its strong ties and proficiency in building trade partnerships, investment opportunities and brand promotions.
South Africa is India’s second largest trading partner in the African continent, with bilateral trade growing from US$ 7.5 billion in 2008-09 to US$ 11.79 billion in 2014-15.
The two countries are engaged in various multilateral fora such as IBSA (India, Brazil, South Africa), G-20, and BRICS (Brazil, Russia, India, China, South Africa) and have a common approach on many global issues, including the future of multilateralism, South-South Cooperation, etc.
Against this background, the Investment and Trade Initiative provides an excellent opportunity for the both the countries to get a first-hand knowledge about Trade & Investment Opportunities and will provide a platform to explore possibilities of business collaboration and mutual partnerships.