Invest in South Africa showcased in India
21 July 2020
The Indo – Africa Chamber of Commerce & Industry (IACCI) organized a Webinar entitled “Africa Connect – Opportunities for Business & Investment in Ethiopia and South Africa on 16th July, 2020. Andrea Kühn, Consul-General of South Africa in Mumbai and Demeke Atnafu Ambulo, Consul-General of Ethiopia in Mumbai and participated in the webinar.
Photo: Andrea Kühn, Consul-General of South Africa in Mumbai participating in the webinar
The Consul-Generals in Mumbai virtually presented opportunities for business and investment in South Africa and Ethiopia respectively, showcasing opportunities in the various sectors for investment by Indian business.
Sunanda Rajendran, Secretary General of Indo – Africa Chamber of Commerce & Industry in welcoming participants and members said that the Covid-19 pandemic has changed lives across the globe and in line with Prime Minister Modi’s call for Digitisation, the Chamber was excited to host the first of a series of digital seminars.
Consul-General Andrea Kühn spoke of the strong historical relations between South Africa and India whose formal diplomatic relations were established in November 1993 and deepened by the signing of the Red Fort Declaration in 1997.
In her presentation Andrea Kühn highlighted the10th Round of the Joint Ministerial Commission which was co-chaired by Minister of International Relations and Cooperation, Dr Naledi Pandor and Minister of External Affairs, Dr Jaishankar in New Delhi in January 2020. The Commission highlighted the key focus areas to take relations to the next level cooperating on both a bilateral and multilateral level. The sectors identified include infrastructure, automotive, agroprocessing, pharmaceuticals and energy. It was further agreed that the scope to grow the trade volumes between South Africa and India was considerable. A sector that presents enormous potential for the future is tourism and the conclusion of the Visa Simplification Agreement for certain categories of travel and the roll-out of evisas will provide impetus to grow this sector. The ultimate goal remains of reinstating a direct flight between South Africa and India said Consul-General Kühn.
South Africa remains a favourable investment destination, Consul-General Andrea Kühn said. “It is the most diversified and industrialized economy in Africa and is home to many multinational companies. South Africa is endowed with an abundance of natural resources, has a sophisticated banking sector and world class infrastructure and logistics networks. Investment incentives include supplier development parks, Industrial Parks and a comprehensive suite of tax incentives for investments in Special Economic Zones (SEZs). A focused and purposeful industrial strategy has been adopted, and Master Plans are being developed by the government in conjunction with business and labour in specific sectors. South Africa currently hosts over 100 Indian investors. An MoU between Invest India and InvestSA was concluded in 2018 and InvestSA's “One Stop Shop” provide further support to potential investors.”
The African Continental Free Trade Agreement (AcFTA) is a key priority for the African Continent and once effected the 54 countries on the African Continent will merge into a single market of 1.3 billion people and a combined GDP of USD3,4 trillion making it a very lucrative market for prospective investors.
A special supplement on South Africa was compiled by the Indo – Africa Chamber of Commerce & Industry highlighting opportunities in key investment sectors as well as interesting facts about South Africa and was distributed to all its members.