His Excellency Cyril Ramaphosa,
Business leaders in India and South Africa.
Ladies and gentlemen.
Namaskar!
I am delighted to be joining you at the India-South Africa Business Forum. Mr. President, it is a great honor to be with you.
It is a great honor for me to be the guest of honor at the 70th Republic Day Parade tomorrow. Our partnership extends to the unbreakable ties of history that have linked the national movements of India and South Africa.
Today, our partnership is about a shared and prosperous future, realizing the dreams of our nation's Madiba and Mahatma. We aim to constantly engage and collaborate towards a better future for our people and the world.
We entered into a strategic partnership through the Red Fort Declaration 22 years ago. I think the continued dialogue between these two old friends and partners has brought us closer together in every way. We remain steadfast in our commitment to closer cooperation, both bilaterally and multilaterally. Lately, there have been new beginnings and an interesting coming-of-age story between two old friends.
Trade between India and South Africa is on the rise and crossed the $10 billion mark in 2017-18. His two major business initiatives in 2018 contributed to this. One is the India-South Africa Business Summit held in Johannesburg in April 2018. The other is the India Investment Business Forum, also held in Johannesburg in November 2018.
However, it still has great potential. I call on all government agencies, investment promotion agencies and business leaders in both India and South Africa to work proactively to realize their true potential. I was pleased to see the great participation and presence in our country from African countries.
In his previous role as Chief Minister of Gujarat, he happily welcomed distinguished participants from South Africa. Last week, we were delighted to see the vibrant state of Gujarat once again welcome a large number of our friends and partners from South Africa. One day was specially marked as “Africa Day”.
This shows that our bond is much deeper than we generally realize. This is also great for our bilateral economic partnership. Ladies and Gentlemen, India's economy is currently $2.6 trillion and is the fastest growing major economy in the world.
And we are on our way to becoming the fifth largest economy in the world. In the latest edition of the World Bank's Ease of Doing Business report, India has risen to her 77th position, improving by 65 places in the last four years.
We are one of the top FDI destinations listed by UNCTAD. But we are not satisfied. Every day, we are making necessary changes and reforms in important areas of our economy.
Our special programs like Make in India, Digital India and Start-Up India have captured the imagination of people across the world.
Our industry has progressed toward Industry for Point Zero and innovative technologies such as artificial intelligence, 3D printing, and robotics. Our government is making every effort to improve the living standards of 1.3 billion people, one-sixth of humanity.
We are committed to building a 'New India' with next-generation infrastructure, with a focus on speed, skills and scale.
I would also like to take this opportunity to congratulate you.
Your Honor,
About the various dynamic initiatives you launched in 2018 towards a vision for a new South Africa. I wish you success in your efforts to attract foreign direct investment to South Africa and create more than one million jobs for young people over three years.
I am happy that India is contributing towards these goals. Our investments in South Africa are continuously increasing. This amounted to nearly $10 billion and created more than 20,000 local jobs.
As a brotherly nation, India is willing to share its experience in policy reform and establishment of ground institutions. We encourage more Indian companies to invest in South Africa and are confident that more South African companies will also enter the Indian market.
New India assures you that you are welcome to explore all available opportunities, especially in the food and agro-processing, deep mining, defence, fintech, insurance and infrastructure sectors.
Similarly, India may also partner with South Africa in startups, healthcare/pharmaceuticals, biotechnology, IT, and IT-enabled sectors.
We are delighted to be part of South Africa’s skills story through the recent launch of the Gandhi Mandela Skills Institute. This initiative aims to empower young people.
Another important cooperation between the two countries could be in the field of gems and jewelry. Both countries may explore avenues to directly source diamonds.
This ensures economies of scale and also reduces costs for both buyers and sellers. South Africa may also collaborate with India on new renewable energy campaigns, particularly through the International Solar Alliance.
Simplification of the existing visa system and direct connectivity for businessmen and tourists will further facilitate business and people-to-people exchanges.
Ladies and gentlemen,
The India-South Africa partnership has huge untapped potential. We must work together towards a new era of shared growth and prosperity for the benefit of our two countries and our peoples.
Your Excellency's visit gives us an important opportunity to take this relationship forward.
My Lords, I am determined to join you in this common endeavor.
thank you.
thank you very much.
