India, South Africa trade to touch $15 billion | SupportBiz

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India, South Africa trade to touch $15 billion

Bilateral trade between India and South Africa is likely to touch $15 billion in the current year, two years ahead of the official target, a government statement said on Sunday.

India-South Africa bilateral trade crossed $14 billion in 2011 and it is expected to reach $15 billion this year itself, well ahead of the 2014 target.

India's Commerce and Industry Minister Anand Sharma and his South African counterpart Rob Davies expressed this hope during a ministerial meeting, according to a statement issued by the commerce and industry ministry.

During his two-day visit to South Africa that ended Saturday, Sharma also met South African President Jacob Zuma and discussed global and regional developments and areas of bilateral cooperation.

During the meeting, Sharma emphasised the need for early conclusion of preferential trade agreement between India and the South African Customs Union (SACU).

The two leaders also emphasised the need for boosting bilateral investments. Indian companies have already invested over $8 billion in South Africa.