India-South Africa India-South Africa 2019 | Page 24

SPECIAL REPORT
by 2021. The most recent fi gures from the
Confederation of Indian Industries (CII)
estimates that over USD 4 billion of Indian
investments has made way to South Africa
directly providing employment to over
18000 South Africans. The leading Indian
companies in South Africa are Wipro, Coal
India, Cipla, HCL Technologies, Tata Motors,
Zomato, Mahindra and Mahindra, Vedanta,
and Motherson Sumi. On the other hand, the
South African investment in India has mainly
been in the fi nancial sector with companies
such as SASOL, FirstRand, Old Mutual,
ACSA, Shoprite and Nandos among other
investments valued at over USD 800 million.
The fl ow of such investments is enhanced
by the double tax avoidance treaty and the
newly initiated annual India-south Africa
investment forum.
Furthermore, the two countries are closely
connected on several multilateral forms
which include BRICS (Brazil, Russia, India,
China, and South Africa), the Indian Ocean
Rim Association (IORA) among others.
The road ahead
Anyone strolling down the streets of
South Africa can easily take notice of the over
1.2 million South Africans of Indian origin.
24 • India-South Africa • 2019