South Africa, India to deepen business ties

Updated: 2012-05-03 06:13

(Xinhua)

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South Africa, India to deepen business ties

India's President Pratibha Devisingh Patil (L) listens to South African President Jacob Zuma as he speaks during a news conference in Pretoria May 2, 2012. Patil is on a state visit to South Africa for bilateral discussions.[Photo/Agencies] 

JOHANNESBURG - South African President Jacob Zuma called on Indian business to strengthen bilateral cooperation, the official Bua News agency reported on Wednesday.

As part of efforts to deepen relations with India, South Africa has extended an invitation to the Asian country to invest in its massive infrastructure development program, which will last until 2014 with an investment of more than 800  billion rands (about 99 billion U.S. dollars), Zuma said following a meeting with visiting Indian President Pratibha Devisingh Patil in the administrative capital of Pretoria.

The president said the Indian president's visit will see the two countries strengthening their social, economic and cultural ties.

"It will be especially important for South Africa to enhance its cooperation with India in infrastructure development and trade relation," said Zuma.

"The presidential infrastructure coordinating commission has identified 43 projects," the South African president said.

"South Africa will seek help from India in skills in engineering, information and communication technology," said Zuma.

The South African president deemed the Patil's visit as significant because the two countries relations could date back many years.

Moreover, the two countries shared a similar history of the struggle against the colonial oppression.

Zuma noted, "We share deep social, economic and cultural ties. We reflected on how we can further translate our historical ties into meaningful socio-economic development cooperation."

In 2011, the bilateral trade between the two countries stood at about 53 billion rands.    

"Though the trade was increasing steadily, we should all work to reach even higher figures," Zuma added.  

It was reported that the two countries have set a bilateral trade target of 111 billion rands to be reached by 2014.

The two countries were in the process of negotiating a preferential trade agreement, which will accelerate trade flows and extend the range of traded goods, South African High Commissioner to India Harris Majeke said in March.

Both South Africa and India are members of the BRICS, which also includes Brazil, Russia and  China.

On March 29, Zuma visited India to take part in the fourth BRICS summit.

Indian President Patil started her official visit to South Africa on May 2, and she is expected to end her visit on May 7.