South Africa invites Indian investments

MUMBAI: South Africa today invited Indian industry to invest in its sectors like energy, pharmaceuticals and automobile.

"South Africa is keen on green energy and this segment provides tremendous opportunities for Indian companies to set up manufacturing units (there)," South African Minister of Trade and Industry Rob Davies said here.

He was speaking at a function organised by Confederation of Indian Industry and Business Unity South Africa.

Davies is accompanying South African President Jacob G Zuma who is on his maiden visit to India. A delegation comprising 100 South African CEOs and eight Cabinet ministers has reached India along with Zuma.

Davies said his country was in process of setting up manufacturing units and seek foreign investment.

He said his country's automobile and energy sector has immense opportunities for investment.

The visiting minister also called for investment in the pharmaceutical sector as HIV\AIDs is a major problem in the African country.

Coinciding with the visit of South African President, a new India-South Africa CEO forum will be launched tomorrow with Ratan Tata heading the Indian side.

Commerce and Industry Minister Anand Sharma would be calling on Zuma yesterday.

India and South Africa (along with Brazil) under IBSA, a a trilateral developmental initiative, are engaged with each other to promote South-South cooperation and exchange.

The value of trade between the two countries is around USD 11 billion.