India has become the 6th largest trading partner to the South Africa in Asia region. With the bilateral trade of more than US$2 billion in a year, both nations have entered into the new era of trade. South Africa has entered into many different types of co-operation agreements with India, which is covering the various sectoral of technology, telecommunications and small business enterprises(SMEs). With the India's association, the South Africa has set up the 'India-South African Commercial Alliance' and has established a center for facilitating the consultations on the ministerial level for the political and economic matters. South Africa has also adopted the 'New Delhi Agenda for Cooperation', a south-south cooperation agreement with the India and Brazil. The agreement will allow all the 3 countries to discuss and share their opportunities, achievements and experiences.
During 1992-93, India and South Africa has the total trade of US$3 million, which has shown a massive increase over the years. In 2004-05, India's total trade has crossed the mark of US$3.1 billion. It is due to this steady increase that the India has become the 6th largest trading partner of the South Africa in the Asia region and has also bagged the title of 20th largest exporter and import market in throughout the world. India is from the group of top 10 investing companies of South Africa, with the investments that has reached to R10 billion. Tata Motors, with estimated investments of around R9 billion, has been characterized as the South Africa's sixth largest investor company. It has made most of the India's investment in South Africa. The Tata Group has made a diversification of investments in the South Africa in the various sectors- iron and steel, motor vehicles industry with the hotel industry is on cards. Mr. Jerry Matjila, South Africa's foreign affairs deputy, is confident enough that by 2010, trade of both nations would be able... [continues]
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