There are huge opportunities for South African companies in India, which was undergoing massive market reforms, a senior official here has said.
The investment in India from South Africa is small and needs to be scaled up, the official told a business forum organised here on Monday by the Indian High Commission.
"Although these investments are small (in number), they are value-added investments," Yunus Hoosen, the head of Investment South Africa, said at the Invest in India Business Forum.
"South Africa's investment in India today stands at about 30 companies, basically in the finance, banking and healthcare sectors," Hoosen said as he explained the value South African companies have brought to India.
But there are still huge opportunities for South African companies in India, which was undergoing massive market reforms, Hoosen said.
"All major Indian banks are in South Africa with full licences, and this is what we would like to see for South African banks (in India), with the opening up through market reforms and the ease of doing business there. Hoosen said the relationship between the two countries could be significantly improved in a number of sectors as South Africa also embarked on economic reforms, including in mining, gas, tourism and telecommunications, which have been constrained by policy until now.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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