India and South Africa join forces to establish a Chamber of Commerce and strengthen bilateral economic tiesNNP
New Delhi [India]November 13: In 2024, India and South Africa will celebrate the 30th anniversary of their diplomatic ties, marking three decades of deep-rooted historical ties and cooperation. This milestone year has also seen a significant economic achievement: bilateral trade between the two countries has surpassed pre-pandemic figures and reached an impressive total of approximately $19 billion. In support of the strong bilateral relations between South Africa and India, the private sectors of both countries have worked together to launch the India-South Africa Chamber of Commerce (ISACC) as a key and strategic platform for deepening and diversifying the economic relations between the two countries. . The chamber will play an important role in promoting bilateral trade and investment, facilitating business partnerships and providing a platform for companies to network and exchange knowledge. With a strong commitment to youth and women empowerment, the chamber will create opportunities for participation in economic activities and entrepreneurship, including the MSME sector.
Speaking at the launch of the inauguration of the India-South Africa Chamber of Commerce, Minister of Trade, Industry and Competition, Parks Tau said: “South Africa and India have established a strong framework of cooperation with the conclusion of many agreements and understanding since the establishment of diplomatic relations in 1993. We believe the forum will continue to nurture and strengthen bilateral trade ties. The South African government’s ambitions to generate growth, create sustainable jobs and eradicate poverty through an inclusive economy can only be achieved through collaboration. with the private sector. In this regard, we believe that the India-South Africa Chamber of Commerce will play an important role in facilitating trade and investment between our two countries. A business meeting was recently held in Cape Town with the key players. including Leon Schreiber, the Minister of the Interior; Ambassador Anil Sooklal, South African High Commissioner to India, Bangladesh and Nepal; and Rahul Kaushik, the chairman of the ISACC. The talks marked an important step forward in improving cooperation between South Africa and India, with a focus on addressing key visa challenges and improving economic ties.
High Commissioner-designate Anil Sooklal outlined the important role of the Department of International Relations and Cooperation in promoting economic diplomacy between the two countries. He stressed the importance of active support from key economic departments of not only the national but also the provincial government in fully exploiting the vast economic opportunities for mutual benefits.
During the discussion, Minister Dr. Leon Schreiber: “The South African Department of Home Affairs has always been committed to being an important economic factor for South Africa. ISAAC will play a crucial role in promoting economic growth and job creation across the country. Significant progress is also being made in reducing visa backlogs by 60%, as well as the ongoing digitalization process, modeled after India’s Aadhar system, which will speed up visa processing and approval.”
Speaking about the formation of the chamber, Rahul Kaushik, Chairman, India-South Africa Chamber of Commerce, said: “The primary objective of this chamber is to build economic and commercial ties between India and South Africa. Despite the longstanding relationship between our nations, nothing has been done to formally address this relationship.
“India is one of the fastest growing economies in the world, driven by technological and infrastructural advancements. At the same time, South Africa, with its wealth of natural resources, is often seen as the gateway to the African continent due to its strong infrastructure. There is huge potential for Indian companies to invest in South Africa, be it in sectors such as tourism, mining, industry, infrastructure or energy. In addition, exchange programs between the two countries will promote closer cooperation,” he added.
Additionally, the room will discuss the limited exposure that South African companies currently have in the Indian market. “While it is understood that India is one of the fastest growing economies, there is still limited experience in doing business between the two countries. This platform will provide transparency and clarity and help companies in both countries understand the opportunities and routes for investments. ” Kaushik explained.
To achieve its goals, the chamber plans to organize trade missions, business matchmaking events and industry-specific seminars and conferences. It will also facilitate the exchange of knowledge and best practices between companies in India and South Africa. In addition, mentorship and training programs for young and women entrepreneurs will be implemented to support empowerment. ISACC will be the first business-led entity working to deepen the strategic partnership between India and South Africa in the crucial year as we celebrate 30 years of diplomatic ties.
In addition to facilitating trade and investment, the chamber will serve as a proactive advocate for businesses in both countries. It will help businesses by providing market intelligence, legal and regulatory guidance and advocating for trade-friendly policies. These efforts will build confidence among companies seeking to navigate the complexities of international trade, and ultimately promote a more favorable business environment.
By promoting trade, investment and empowerment, the Chamber will play a crucial role in fostering long-term partnerships and unlocking enormous opportunities for businesses in both countries.
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