South Africa is dedicated to strengthening bilateral trade and investment with India, as highlighted by Trade, Industry, and Competition Minister Parks Tau during a meeting with South African industry leaders and Indian business heads. Tau, who will be the first South African of Indian descent to head a mission in India, is set to take office this month.
In 2023, India ranked as South Africa’s eighth-largest export destination and fourth-largest source of imports, with bilateral trade growing from USD 8 billion to USD 13 billion over the past five years. However, the target of USD 18 billion remains unmet. Tau emphasized the need to intensify efforts to facilitate trade and investment, calling for increased private sector engagement and improved government interaction to address barriers to trade.
Tau also stressed the importance of structuring trade to enable more value-added products and services between the two countries. He praised India’s role as a significant source of foreign direct investment in South Africa and encouraged further expansion of Indian companies in the country, particularly in sectors like renewable energy, automotive component manufacturing, and healthcare.
ISACC representative Atul Padalkar noted that while 130 Indian companies operate in South Africa, only about 20 South African companies are present in India, highlighting the need for more balanced trade engagement.
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