New Delhi, India- As the global economy transforms, South Africa and India have a significant opportunity to deepen cooperation in investment, trade, exports, innovation, industrial development and sustainable growth, says President Cyril Ramaphosa.
“We are ready for a new era in economic relations between our two countries. This forum provides the private sector with an opportunity to transform policy dialogue into commercially viable projects and long-term partnerships,” the President said.
He was speaking at the South Africa-India Roundtable in New Delhi on Saturday on the sidelines of the BRICS Summit.
“By working together, we can draw on our complementary resources and capabilities to create shared value. We can empower our youth and uplift our communities. And we can enable a thriving trade between our countries and across our respective regions.
“The outcomes of this forum must be anchored in actionable commitments supported by both government facilitation and private sector leadership. We are ready for a new era in economic relations between our two countries,” President Ramaphosa explained.
He further pointed out that to be able to thrive amidst this rapid change requires partnership and shared ambition.
“We are meeting at a time when the global economy is undergoing a significant transformation. Supply chains are being reconfigured, industrial policies are being reshaped, and the energy transition is accelerating. Digital technologies are reshaping industries, and emerging markets are driving global growth,” the President said.
Collaboration
He highlighted a few areas where collaboration between the countries holds immense promise.
“The first of these areas is in energy transition and green industrialisation. India and South Africa are both navigating ambitious energy transitions. Opportunities exist in renewable energy technologies, green hydrogen, critical minerals, battery value chains and sustainable manufacturing. Companies like Vedanta have already established a footprint in the country.
“We believe that other large companies can anchor their investments in South Africa and use it as a base to export into Africa and the rest of the world," he said.
The second area is in mining, critical minerals and beneficiation.
He said South Africa’s mineral wealth and India’s manufacturing capabilities create the basis for cooperation across critical mineral value chains.
“We are committed to the beneficiation of minerals where they are extracted. There is great potential to partner on the production of new energy vehicles, batteries, and other products that draw on our respective capabilities.
“The third area of collaboration is infrastructure and connectivity. Investment in transport, logistics, ports, digital connectivity, smart cities, and industrial corridors is essential to trade and integration on the African continent.
“Enhanced infrastructure enables businesses to access new markets and participate more effectively in regional and global value chains,” the President said.
Last month, South Africa hosted the Sustainable Infrastructure Development Symposium, where government reiterated the importance of reliable energy, adequate water, efficient transport systems and digital connectivity.
READ | Infrastructure investment key to economic growth, regional integration: Ramaphosa
South Africa has identified 195 strategic integrated projects across priority industries worth more than $100 billion.
“To support this infrastructure drive, we are investing in project preparation to ensure that all these plans translate into roads, rail corridors, renewable energy plants, transmission lines, water treatment plants and hospitals.
“We have produced our third Construction Book, which provides a national overview of funded projects that are expected to be issued for tender in the next 18 months,” President Ramaphosa said.
The President urged Indian companies to consider partnerships to participate in these.
“The fourth area with great potential is agriculture. Agriculture is fundamental to economic development and social stability.
“There is great opportunity for collaboration in agro-processing, agricultural technology, food innovation and sustainable farming practices.
“This would contribute to stronger supply chains, improved productivity and greater food security in both India and South Africa.”
The fifth area of collaboration is in the digital economy and innovation space.
The President said the rapid growth of the digital economy presents exciting opportunities for cooperation in fintech, digital trade, artificial intelligence, innovation ecosystems, cybersecurity and digital skills development.
“Working together, we can harness technology to drive inclusive growth and competitiveness. We have already seen this in action.
“Just a few weeks ago, Atain – a global business services company headquartered in India – opened a new site in Cape Town that will see it increase its local workforce from 1,500 to over 2,000 young South Africans,” the President said.
READ | SA’s global business services presents opportunities for economic growth
He also identified cooperation in human capital and institutional partnerships.
“Sustained growth and commercial success depend on investing in people. We should strengthen partnerships between universities, research institutions, skills development organisations and businesses.
This will support innovation and knowledge sharing and develop workforces that are ready for the future. The strength of the partnership between our countries is not measured by the agreements we sign but by the impact we achieve,” said the President.
He stressed that by working together, the countries can draw on complementary resources and capabilities to create shared value. -SAnews.gov.za
