India, S Africa agree to boost MSME sector

NEW DELHI, INDIA: India and South Africa have agreed to strengthen bilateral ties in the micro, small and medium enterprise (MSME) sector, an official statement said on Thursday.

In a bilateral meeting between minister of state for Commerce and Industries Jyotiraditya M Scindia and South Africa's deputy minister for Trade and Industry Elizabeth Thabethe, both countries have agreed to boost cooperation in the MSME sector.

“The MSME sector accounts for a large share of industrial output, employment and exports in both countries. There are immense opportunities of cooperation and strategic alliances in the MSME sector, which could be in the form of joint ventures, technology collaborations or marketing tie-ups,” Scindia told media after the meeting. 

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The minister expressed hope that the India-SACU Preferential Trade Agreement (PTA) will be concluded soon, which will give a considerable boost to our exports in the Southern African region.

South Africa is India’s 2nd largest trading partner in Africa. There is, however, ample scope of diversifying the existing trade basket by bringing in many more manufactured goods. 

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The total trade between the two countries in the FY 2010-11 was $10.6 billion, higher than bilateral trade target of $10 billion by the year 2012, set during the visit of South African President Jacob Zuma to India in June, 2010. Later in January, a revised bilateral trade target of $15 billion has been set for the year 2014.