A nine-member delegation held the Joint Working Group on Trade and Investment (JWGTI) meeting with the South African side in Pretoria, South Africa. The discussions were held in a cordial and friendly atmosphere and were fruitful. There was enthusiastic response towards greater cooperation, addressing pending issues, boosting trade and investment, greater people to people contacts.
Both sides explored potential areas of collaboration such as Pharmaceuticals, Healthcare, Agriculture, MSME, Jewelry manufacturing among others. Major points for discussion in JWGTI included revival of CEO Forum, investment cooperation, Market access issues with regard to agricultural products.
In a comprehensive dialogue, both sides undertook a detailed review of recent developments in bilateral trade and investment ties and acknowledged the vast untapped potential for further expansion. To this effect, both sides identified several areas of focus for enhancing both bilateral trade as well as mutually beneficial investments.
South Africa is the largest trading partner of India in the Africa region. Bilateral trade between India and South Africa stood at USD 19.25 billion in 2023-24. Indian businesses have invested over US$ 1.3 billion in South Africa from April 2000 to September 2024. These investments traverse diverse sectors, encompassing pharmaceuticals, IT, automotive, banking, and mining.
The deliberations of the 2nd Session of India-South Africa Joint Working Group on Trade and Investment were cordial and forward-looking, indicative of the amicable and special relations between the two countries.
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