The trade between India and South Africa in 2010-11 was $10.6 billion and is expected to touch $15 billion by 2014
India and South Africa today agreed to strengthen cooperation in the MSME (micro, small and medium enterprises) sector through joint ventures, technology collaborations and marketing tie-ups. South Africa is India's second largest trading partner in Africa. The trade between the two countries in 2010-11 was $10.6 billion and is expected to touch $15 billion by 2014.
"There is, however, ample scope of diversifying the existing trade basket by bringing in many more manufactured goods," said Minister of State for Commerce and Industry Jyotiradiya M Scindia, who was in South Africa for a day.
He met South African deputy minister for trade and industry Elizabeth Thabethe and discussed various ways to increase trade cooperation between the two countries.
The two stressed upon the need for enhancing ties in the small and medium companies to tap the full potential of the bilateral trade.
"The MSME sector accounts for a large share of industrial output, employment and exports in both countries," said an official statement here, quoting Scindia.
"There are immense opportunities of cooperation and strategic alliances in MSME sector, which could be in the form of joint ventures, technology collaborations or marketing tie-ups," he added.
There is also a scope for the universities and research and scientific institutions to enter into R&D collaborations of both the countries, he said.
Scindia also expressed the hope that the India-SACU (South Africa Customs Union) preferential trade agreement will be concluded soon, boosting bilateral commerce.
Besides MSME, other potential areas of cooperation between the countries include diamond and coal mining.
"There are tremendous prospects for South African diamond mining companies to enter into long term contracts with the Indian diamond companies/rough purchasers like DIL, MMTC," said the statement.
Also, there is a tremendous scope for co-operation and JVs between public sector undertakings of the two countries in the coal sector, it added.
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