Speaking at the Interactive Session of CEOs with South African President Jacob Zuma, in the capital today, commerce and industry minister Anand Sharma said that the talks for the preferential trade agreement (PTA) between India and South African Customs Union (SACU) will pave the way for India and South Africa to engage with other developing countries.
The interactive session was attended by the South African trade and industry minister Rob Davies; business leaders and senior officials from both the countries.
On the investment perspective Sharma said that South Africa is one of the most attractive destinations for Indian investors where many Indian agro-processing, pharmaceutical, energy, tourism, mining, companies have established a foothold.
He invited South African investors to take full advantage of the present investment climate in India, particularly in sectors like infrastructure, infotech, banking, services and insurance.
Sharma told the delegates that bilateral opportunities in the small and medium enterprises sector accounted for a large share of India's industrial output, employment and exports.
''The situation is similar in South Africa as well. Looking at the existing situation and background of SMEs in both countries, there are immense opportunities of cooperation and strategic alliances in SME sector, which could be in the form of joint ventures, technology collaborations or marketing tie-ups'', the Minister stated.
Drawing the attention of delegates to inclusive growth and development, the minister said, ''Our bilateral cooperation should be predicated to be inclusive growth process of our respective economies. This is essential for fulfilling our aspirations of attaining the developed country status.''