Mr. Loganathan Naidoo, Deputy Mayor of Ethekweni, (Durban) South Africa was addressing a Seminar on Indo-South Africa Investment and Trade jointly organised by the Confederation of Indian Industry (CII) and ANC Progressive Business Forum, South Africa in Chennai.
Mr Naidoo said that the bilateral trade would touch US$ 10 billion. It is a target by set by the lea ders of both the countries, keeping in mind the growing Indo-South Africa trade and economic cooperation. Mr. Naidoo said that Tata Group, Indian Oil Corporation, Apollo Tyres, Bharat Biotech, Ashok Leyland, Murugappa Group, etc. Companies in the IT sector have made a mark by their presence in South Africa.
Information Technology, Tourism, Construction, Electronics, Tyres and Machinery are some of the potential sectors for business cooperation between the two countries, said Mr. Naido.
Mr. Rajeev Ranjan, IAS Principal Secretary, Industries Department, Government of Tamil Nadu in his keynote address said that there are huge investment opportunities that can be explored by both countries; Tamil Nadu being one among the top 3 recipients of FDI, is an ideal destination for investments by South African companies. The State also with its leadership in technical education, availability of skilled manpower supported by a conducive industrial environment would help in enhancing the competitiveness of companies investing in the State, he added.
Over 80 Chennai companies participated in the B2B meetings with the members of the business delegation.