Pretoria - President Jacob Zuma has invited India to build further its business relations with South Africa.
The World Bank Group's 2010 'Doing Business' report ranked South Africa 34th - out of 183 countries - for the ease of doing business. The country was placed at number 45 - ahead of countries like Poland and Mexico - in terms of overall competitiveness.
South Africa was also ranked the 18th most attractive foreign direct investment destination globally. This was according to the 2007 Foreign Direct Investment Confidence Index produced by management consulting firm, AT Kearney.
It was on this premise that Zuma invited delegates at the Pravasi Bharatiya Divas (PBD) Africa India Diaspora Conference, held in Durban on Saturday, to do more business with South Africa.
"South Africa is the gateway to the one billion-strong African market... Our trade and investment opportunities for the Indian business sector lie in environmental technologies, ICT, transport equipment, capital equipments, creative industries and financial services," said Zuma.
Investment from India into South Africa is roughly R45 billion, while trade from South Africa to India is an estimated R21 billion. Bilateral trade is said to have surpassed R53.9 billion. Trade between the two countries is estimated to reach R70 billion by 2012.
Zuma noted the robustness with which both India and South Africa's economies weathered the recent financial crisis.
He urged both countries to invest in youth development, as it was key to continued economic growth.
"India and South Africa have large youthful populations... [We have] endorsed a wide range of social measures to improve the lives of our youth.
Education lies at the centre of our efforts. Earlier this week, we welcomed a 123 million Euro pledge from the European Union to improve primary education in South Africa," said Zuma.
The President praised the political, social and economic ties between India and South Africa, saying that they have grown from strength to strength. He said much bonded the two countries, including the shared vision of peace, impartiality and prosperity.
"We also share a common approach on a number of global issues, including reform of the United Nations, the future of multilateralism, climate change, South-South Cooperation and multilateral trade negotiations," said Zuma.
He highlighted the likes of Mahatma Gandhi, prominent politician and medical doctor Monty Naicker, and political activist Dr Yusuf Dadoo for their role in constructing a free South Africa.
The PBD conference was held to commemorate the 150th anniversary of the arrival of Indians in South Africa. It was also to acknowledge the contributions made by the Indian community in the fight against apartheid and the building of democracy.
