India and South Africa today launched a CEOs Forum, in order to provide an institutional platform for sustained business interaction and guidance on policy issues to both sides.
South African president Jacob Zuma and union minister of commerce and industry Anand Sharma announced the launch in Mumbai today.
Sharma said the forum will give a dynamic push to the economic relations between the two countries.
The CEOs Forum will be headed by Ratan Tata from the Indian side and Patrice Motsepe, executive chairman, Africa Rainbow Minerals, from the South African side.
South African trade and industry minister Rob Davis, president of Business Unity South Africa Futhi Mtoba and representatives of chambers of commerce and industry were present on the occasion.
"India is South Africa's largest trading partner in South and South-East Asia and one of South Africa's top ten trading partners globally. Bilateral trade which was valued at only $1.3 billion in 2000-01 crossed $7 billion in 2008-09. It is expected to touch $10 billion by 2012," Sharma said.