News24

Zuma: SA, India trade on target for $15bn/y

2012-05-03 22:26

Johannesburg - Trade between South Africa and India will reach the target of $15bn (R116bn) per year before a self-imposed 2014 deadline, President Jacob Zuma said on Thursday.

The two countries agreed to increase their commercial exchanges during Zuma's state visit to India in 2010.

But they are on track to reach the mark ahead of schedule, Zuma said during a return visit from Indian President Pratibha Patil.

"We set a target of $15bn of trade between South Africa and India, to be achieved by 2014. According to current trade statistics this could be reached earlier than anticipated," he told the South Africa-India business forum in Pretoria.

"The figure by the end of 2011 was close to $7bn. We are on the right path indeed."

Africa's largest economy grew 3.1% in 2011, but is dragged down by a 23.9% unemployment rate.

Nigeria, the continent's most populous nation and largest oil producer, was India's largest trading partner at $10bn in 2010.

"Let me remind you that you are in the right continent at the right time. The African continent is the new frontier of economic growth and development," said Zuma.

Comments
  • Mario Bisogno - 2012-05-03 23:57

    Good news but when the government is stealing half and using the rest on changing street names and celebration party's not much left for the important things like education and growth for the country.wish ANC had more leaders like Madiba :( and not like jz or jm

  • Samantha - 2012-05-04 02:57

    Isnt it amazing how on one side of the coin, the Indians are hated for having companies in south africa(Durban esp)- and on the other side, they want their money to revive the country lol

      En - 2012-05-04 08:16

      That's not even remotely funny. Putting lol at the end doesn't make it funny. It was actually a bit lame.

  • Theo Ferreira - 2012-05-04 07:05

    Actually it is R1.5B per year but he is going to boil it in hot water to make it R15B.

  • brionyl.french - 2012-05-04 07:21

    So the indians are paying Sanral?

  • marumobongani - 2012-05-04 08:07

    india and china uhhhm my President got good taste for hot chicks which is not bad for business

  • Junebugg - 2012-05-04 10:05

    Zuma love indians, from Shaiks to Guptaz now fetching them straight from India..

  • Kala - 2012-05-04 10:56

    In light of what Walmart had to go through to invest in SA, it's a small wonder that anybody would want to throw money our way.

  • Thabo - 2012-05-07 14:39

    Indian are trying to sort out their huge unemployment problem on the back of the South African people, and ironically our corrupt president Zuma is helping them on that turning his back to the South African people that have put him in office. Stop bringing Indians, and Brazilians to work in South Africa, hijacking the jobs of the South African people.

  • Thabo - 2012-05-07 14:40

    Off-shoring, especially the I.T. jobs to Indian companies like Wipro, Infosys, KPIT, Tata, HCL, TCS and others, is becoming too much practiced by South African companies like ABSA, HSBC, MTN, Standard Bank, Sasol, SAB, Eskom, and many other big and small companies. CEO’s of these companies keep denying that (e.g. the denial of ABSA that the current retrenchment of their SA staff is because of this reason). The business model of these Indian offshoring companies is actually just arbitrage, they lobby in the higher paying countries claiming in the loudest voice that there is a shortage of skills, in a bed to get as much visas as they can for the techies they bring from India, the bigger the number they bring the more money they arbitrage. Also we have recruitment and labour broker companies like Golden Rule, Reverside, and others looking for I.T. candidates in the Indian market and bringing them here by organizing them a work permit under false claims, and possibly by bribes, and in many cases they get the work permit by claiming that the candidate has a job offer, but actually when he comes here he starts looking for a job.

  • Thabo - 2012-05-07 14:40

    If you ask any employment agent that employs I.T. staff, they will tell you that there are many Indian nationals on a work permit in the local market that look for jobs (what I know is that if they are on a work permit they should already have a job in South Africa, so how come they looking for a job, and how come on big numbers). If you walk into many of the South African companies especially the I.T. sections, you will find a big percentage of the I.T. workers to be Indian Nationals. It looks like that the South African Embassy in India and the Home Affairs are giving the I.T. Indian workers a huge number of visas and work permits to work in South Africa, that is irresponsible, and ignoring the local skills.

  • Thabo - 2012-05-07 14:41

    ABSA has now a new policy to offshore the I.T. and some other divisions to Wipro that is an Indian company, while actually most of the Indian staff come and work here on South African soil (probably on a work visa), and some get actually recruited here, and this is happening in many companies. Here is some links (please read the comments just after the article): http://www.itweb.co.za/index.php?option=com_content&view=article&id=51602 http://mg.co.za/article/2012-03-30-brutal-cuts-stun-absa-staff HSBC Bank offshore and/or outsource the work that is meant for their operations in South African to mainly Indian techies mainly, and also to Brazil, and china. Also in some companies you mainly see Chinese nationals techies, even though we are on South African soil. Just do more research, and you will see that this is actually quite a big problem on a large scale happening it's been years. What I would like to know is how come the South African embassy in India, and the Home Affairs can give such huge number of work visas That puts a lot of pressure on South Africans to find a job and develop their skills.

  • Thabo - 2012-05-07 14:41

    Indian are trying to sort out their huge unemployment problem on the back of the South African people, and ironically our corrupt president Zuma is helping them on that turning his back to the South African people that have put him in office. Stop bringing Indians, and Brazilians to work in South Africa, hijacking the jobs of the South African people.

  • pages:
  • 1