India-S Africa two-way trade to treble by 2010: Ashwani

New Delhi, Aug 2 (UNI) Minister of State for Industry Ashwani Kumar today said the bilateral trade between India and South Africa would touch six billion dollars by the end of this year and the figure is likely to treble by 2010.

For this, there is a need for collaboration in infrastructure, IT, telecom, mining and energy, biotech, healthcare, media, sports and entertainment segments, the minister added.

''The trade between the two countries in 2005-06 was worth about four billion dollars. By the end of 2007, it is expected to reach six billion dollars,'' he said while inaugurating the two-day Centennial celebrations of the Indian Merchants Chamber (IMC) at Johannesburg with South African President Dr Mbeki.

He said there is a strong political and economic relations between the two countries and expressed optimism on further growth of bilateral trade and investment relations.

Last year, when Prime Minister Manmohan Singh visited South Africa for the joint celebrations of the centenary of Satyagraha, he agreed with President Mbeki that the target should be to treble the value of bilateral trade by 2010.

''I believe this is eminently achievable, provided our businesses exploit the tremendous potential that exists for fruitful collaboration in a number of areas such as infrastructure, IT, telecom, mining and energy, biotech, healthcare, media, sports and entertainment.'' Mr Kumar highligted that both sides can benefit from the investment opportunities present in their countries. ''We estimate that Indian companies are currently executing projects to the tune of over two billion dollars in South Africa.'' However, he added this is not a one-sided relationship because several South African companies have moved quickly to position themselves in the trillion dollar Indian economy with a middle class of over 300 million.

The companies include ACSA and Bidvest, which have won contract for expansion and upgrade of Mumbai International Airport; while SAB-Miller is now India's second largest brewer.

Altech, the Minister said will soon start supplying set-top boxes in the Indian market and First Rand Bank has become the first African bank to establish a presence in India, joining financial services majors old mutual and Sanlam, who have already been around for a while.

Dr Kumar is leading a 200-strong Indian delegation to the event. Significantly, Mahatma Gandhi was an honorary member of the Indian Merchants Chamber in 1931, an official statement said.

UNI