India and South Africa have agreed to strengthen bilateral cooperation in micro, small and medium enterprise (MSME) sector through joint ventures, technology collaborations and marketing tie-ups.South Africa is India's second largest trading partner. Trade between the two countries was $10.6 billion in 2010-11,higher than bilateral trade target of 10 billion dollars by the year 2012, set during the visit of South African President Jacob Zuma to India in June 2010.The two stressed upon the need for enhancing ties in the small and medium companies to tap the full potential of bilateral trade. Mr. Scindia said there was scope for universities and research and scientific institutions to enter into R&D collaborations of both countries.A revised bilateral trade target of 15 billion dollars by 2014 was set in January this year.
There is active contact between India and South Africa in multilateral fora, particularly at the NAM, Commonwealth, G-77, G-20, NAASP and WTO. Both countries are part of the IBSA trilateral initiative. Both countries are currently non-permanent members of the UN Security Council (2011-2012). SA rendered pro-active support in the NSG decision to enable full civil nuclear cooperation with India. SA recently participated in the BRICS summit held in China in April, 2011.
Today in History
| 27-September-2000 | The Union Cabinet decides to increase the number of Padma series of awards for excellence in different fields of activities from 60 to 100. |
