India, South Africa trade can reach $15 billion by 2015: Pratibha Patil

President Pratibha Patil said she is confident that trade between India and South Africa will reach USD 15 billion by 2015 as the two have become important trading partners.

Patil and South African President Jacob Zuma appreciated businesses in both the countries for having reached the earlier target of USD 10 billion by 2012, a year ahead of the schedule.

Meanwhile, the two sides also called for various steps to facilitate business including easier visa regime for Indian ICT companies and greater transparency for South African businesses in the Indian market.

Minister of State for Communications and IT Sachin Pilot, who is accompanying patil, called for a change in the South African visa regime to allow easier entry. He said Indian ICT companies consider Africa as an important market.


On the other hand, Business Unity South Africa President Futhi Mtoba said that among the challenges, amid increasing investment in India, was a need for greater transparency in India's tariff schedules, especially in the agricultural sector.

"We want India to be an open market for South African foreign direct investment," Mtoba said.
Addressing business forum from both countries as part of her week-long state visit to South Africa, Patil said South Africa had become one of India's most important trading partner.

"The economic and commercial exchange between our two countries is at the core of our bilateral ties," she said.

"I am happy that Indian companies work closely with the priorities of the South African government and they are also seeking to add value to raw materials through beneficiation locally," Patil added.
Indian companies have not only entered into partnerships with their South African counterparts, but also view it as a gateway to the Southern African region.

Patil said, "Our confidence in the South African economy is reflected in the fact that several major Indian banks are present in South Africa. We are also happy that many companies form South Africa have established their presence in India."

She said that on average at least one South African business delegation visited India every month.
Calling on business to find complementarities in various fields such as energy and gasification of coal for partnerships, the president also highlighted the co-operation between the two countries in space exploration so that they were not left out in this area.

Zuma in turn called on Indian business to take advantage of the huge opportunities on the Africa continent with its priorities that infrastructure and communication.