India and South Africa Join Forces to Establish Chamber of Commerce, Strengthening Bilateral Economic Ties

PNN
New Delhi [India], November 13: In 2024, India and South Africa celebrate the 30th anniversary of their diplomatic relations, marking three decades of deep-rooted historical ties and cooperation. This milestone year has also seen a significant economic achievement- a bilateral trade between the two nations has surpassed pre-pandemic figures, reaching an impressive total of approximately USD 19 billion. In support of the strong bilateral relations between South Africa and India, the private sector of both countries has collaborated in launching the India-South Africa Chamber of Commerce (ISACC) as an important and strategic platform in deepening and diversifying economic relations between the two countries. The chamber is set to play an important role in promoting bilateral trade and investment, facilitating business partnerships, and providing a platform for businesses to network and exchange knowledge. With a strong commitment to empowering youth and women, the chamber will create opportunities for participation in economic activities and entrepreneurship, including the MSME sector.
Highlights:
* The newly formed chamber will promote trade and investment, facilitate business partnerships, and offer a platform for networking and knowledge sharing between businesses.
* A key focus of the initiative is youth and women empowerment.
* The chamber aims to build a conducive business environment and inspire confidence in the future of India-South Africa trade.
Minister of Trade, Industry and Competition, Parks Tau at the launch of the inauguration of the India-South Africa Chamber of Commerce shared, "South Africa and India have established a strong framework of co-operation with the conclusion of many agreements and of understanding since the establishment of diplomatic relations in 1993. We believe that the forum will continue to nurture and strengthen the bilateral commercial relations. The South African government's ambitions of generating growth, creating sustainable jobs and eradicating poverty through an inclusive economy can be achieved only through collaboration with the private sector. In this regard, we believe that the India-South Africa Chamber of Commerce will play a significant role in facilitating trade and investment between our two countries."
A business discussion was recently held in Cape Town with the key players, including Leon Schreiber, the Minister of Home Affairs; Ambassador Anil Sooklal, South Africa's High Commissioner Designate to India, Bangladesh and Nepal; and Rahul Kaushik, the president of the ISACC. The discussions marked a significant step forward in enhancing collaboration between South Africa and India, with a focus on addressing key visa challenges and improving economic ties.
The High Commissioner designate, Anil Sooklal, outlined the important role of the Department of International Relations and Cooperation in advancing Economic Diplomacy between the two countries. He stressed the importance of active support from the key Economic Departments of not only the National but also Provincial Government in fully harnessing the vast Economic opportunities for mutual benefits.
During the discussion, Minister Dr. Leon Schreiber's expressed, "South Africa's Department of Home Affairs' has always been committed to being a key economic enabler for South Africa. ISAAC will play a pivotal role in promoting economic growth and job creation across the country. Also, a significant progress is being made in reducing visa backlogs by 60%, as well as the ongoing Digitization Process, which is modelled after India's Aadhar System, which will expedite visa processing and approvals."
Speaking on the formation of the chamber, Rahul Kaushik, President of the India-South Africa Chamber of Commerce, said, "The primary goal of this chamber is to build the economic and commercial ties between India and South Africa. Despite the longstanding relationship between our nations, nothing has been done to address this relationship formally. The India-South Africa Chamber of Commerce will help bridge that gap, enabling bilateral business ventures and private sector partnerships."
"India is one of the world's fastest-growing economies, 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 immense potential for Indian businesses to invest in South Africa, be it in sectors such as tourism, mining, industry, infrastructure, or energy. Further, exchange programs will be organized between the two nations will foster closer cooperation", he adds.
Furthermore, the chamber will address the limited exposure that South African businesses currently have with the Indian market. "While there is an understanding that India is one of the fastest-growing economies, there is still limited experience in conducting business between the two nations. This platform will provide transparency and clarity, helping businesses in both countries understand the opportunities and pathways for investment," 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 businesses in India and South Africa. Additionally, mentorship and training programs for youth and women entrepreneurs will be implemented to support empowerment. ISACC will be the first business-led entity to work towards deepening the strategic partnership between India and South Africa in the seminal year when we celebrate 30 years of diplomatic relations.
Beyond facilitating trade and investment, the chamber will serve as a proactive advocate for businesses in both countries. It will assist companies by offering market intelligence, legal and regulatory guidance, and advocating for trade-friendly policies. These efforts will instill confidence in businesses seeking to navigate the complexities of international trade, ultimately fostering a more conducive business environment.
By promoting trade, investment, and empowerment, the chamber will play a crucial role in fostering long-term partnerships and unlocking vast opportunities for businesses in both countries.
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