MEDIA COVERAGE Date Added: 15 Apr 2008

INDIA is making SA one of its leading investment destinations, with fixed investments into the country by India’s companies topping R15bn since 1994, India’s consulate-general Navdeep Suri said.

Speaking at a function in Johannesburg last week to mark the opening of a clothing exhibition from India, Suri said bilateral trade between India and SA had grown from zero in 1994 to about R5bn last year and the figure was growing at a rate of 40% a year.

In addition, companies from India either were in the process of or had already invested about R15bn in different sectors of the South African economy.

Tata Motors on Wednesday said it would make trucks and buses in SA and would set up a manufacturing facility in Rosslyn. Tata Steel, India’s second-biggest steel company, commissioned a ferrochrome smelter in Richards Bay at the beginning of the month.

The Mumbai-based group is also planning to build hotels in Cape Town and Johannesburg. It has entered the telecommunications market through a 26% stake in Neotel.

Neotel this month said it had achieved its target of R1bn in turnover last year, and it expects to double it next year It also said that it had plans to invest R11bn of capital over 10 years on rolling out its network and products.

India on Wednesday ended its first summit with African nations, aimed at deepening ties with the continent. The two-day meeting was attended by leaders of 14 African countries and regional economic groupings. High food security, high oil prices and climate change were identified as top concerns in a joint declaration as India and Africa pledged to work as partners to solve economic and development challenges.

With India’s economy growing at almost 9% a year, New Delhi is looking at Africa’s mineral and hydrocarbon resources to help fuel its growth.

Published on 15 Apr 2008 by Senior Business Writer