South Africa hopes to double trade with India to $12 bn
South Africa is hoping that its participation in the forthcoming International Engineering and Technology Fair in Bangalore, as well as recent investments in India by South African firm Sasol, will lead to doubling of bilateral trade to $12 billion by 2010.business Updated: Feb 18, 2009 19:31 IST
South Africa is hoping that its participation in the forthcoming International Engineering and Technology Fair (IETF) in Bangalore, as well as recent investments in India by South African firm Sasol, will lead to doubling of bilateral trade to $12 billion by 2010.
The 18th IETF, organised by the Confederation of Indian Industry, will be held Feb 23-26, and will see 500 exhibitors from 25 countries.
"South Africa's partnership during IETF 2009 is aimed at achieving bilateral trade target of $12 billion by 2010 from the current $6.2 billion trade," South African High Commissioner in India Sehloho Francis Moloi said.
Nearly 74 South African firms, including Rand Merchant Bank, Ibibo, CypheRix, Bateman Engineering, Howard Manufacturing, South Africa Airways and South Africa Tourism, will participate in the event.
A conference on Investment Opportunities in South Africa will also be held.
According to South African High Commission Counsellor Jardine Omar, Sasol's investment plans in India will also be key in achieving the bilateral trade target.
Sasol, along with Tata, has bid for a number of coal blocks in eastern India. It has developed technology for liquefying coal.
Japan as the guest country is making its participation for the third time, with prime focus on energy and environment.