SA High Commission in India will watch the Budget Proposals for Trade Facilitation between India & SA, says its High Commissioner

South African High Commission to India would be keenly watching the budget proposals of Finance Minister of India for fiscal 2016-17, especially its provisions and stipulations that show directions and India’s political will for further reforming its market economy on fronts of removing trade barriers as well as financial sector reforms, says High Commissioner of South Africa to India, Mr. France Morule.

Addressing a session on South Africa: Inspiring New Ways - Investment and Trade Initiatives under joint aegis of the PHD Chamber of Commerce and Industry & Department of Trade and Industry, Republic of South Africa here today, Mr. Morule observed that India needed to lift its trade barriers as also is required to expand its financial sector towards South Africa for which a definite direction is awaited in forthcoming Budget proposals of the Government of India.

In view of declining bilateral trade between India and South Africa in the recent past, the two nations should come forward to find out solutions for their enhanced trade prospects for which, the target for fiscal 2018 has been pegged at US$18 billion from estimated level of over US$15 billion in 2015, pointed out the High Commissioner.

The session provided opportunities for the representatives of 25 South African companies to meet hundred trade representatives of India, having affiliation with PHD Chamber to explore business opportunities in diverse sectors in areas of metal fabrication, energy efficient, wind turbines, electro technical industrial engineering documentation design software, waste water treatment plant, pharmaceuticals and agro processing sectors.

Other sectors comprised value guides, cosmetics, poultry, steel sections, shower flex, geo-textile, chemicals, consultancy services and provincial investment promotion.

Speaking on the occasion, President, PHD Chamber of Commerce and Industry, Dr. Mahesh Guptaobserved that bilateral and trade relations between India and South Africa have been going on since 1994 but yet to realize their potential level.  Time now has come when both India and South Africa should further cement their trade and economic ties as both countries have complimentaries for each other.

Among others who were present on the occasion consisted of Programme Director and Minister Counsellor (Economic), High Commission of South Africa, Mr. Recado Andrews; Director, Export Promotion Asia, Department of Trade & Industry, South Africa, Ms. Yandeya Mashau; Investment Promotion, Department of Trade & Industry, South Africa Representative, Ms. Mamotseki Hall; Chairman, International Affairs Committee for Africa, PHD Chamber, Mr. Sanjeev Sardana and its Secretary General Mr. Saurabh Sanyal.