BY | March 26, 2013

Durban, (IANS) South African companies can play a major role in India’s plans to pump $1 trillion over the next five years in infrastructure development, almost half of which is envisaged by the private sector, including firms from overseas, Commerce Minister Anand Sharma has said.

South African companies have respectable experience, expertise and technical skills in handling infrastructure development in emerging economies, said Sharma, who is here as part of Prime Minister Manmohan Singh’s delegation at the 5th BRICS Summit.

“India is rolling out massive developments touching rail, road, telecoms, power and airport infrastructure. This makes for a perfect opportunity to increase trade and investment between the two nations and by extension, within the BRICS establishment,” he told The New Age newspaper.

Some South African companies already have a presence in India, notably Old Mutual, that deals in commercial property development and ACSA and Bidvest that participated in a concession that re-developed and runs the Mumbai airport.

Sharma said BRICS member states – Brazil, Russia, India, China and South Africa – were positioned to complement and learn from another but it was important to recognise the unique socio-economic circumstances faced by each of them.

The current summit, he added, was an important chapter in the development of the five-nation bloc, as not only the leaders but a series of ministers were also participating both at the main event as also in the preparatory meetings preceding it.

The group’s importance can also be understood by the fact that its five-member nations collectively account for about 40 percent of the world’s population, 30 percent of the world’s land mass, 20 percent of the gross domestic product in real terms and 26 percent of purchasing power.

RELATED

Target trying to regain merchandising authority, cuts forecast for Q2. The retailer seems to be affected by data breach of last year. Target has reportedly slashed full-year forecast as the loss it suffered from its data breach last year seems to be still affecting the...

Russian ban to cost Dutch economy 300 mln euro BRUSSELS: Russia's ban on import of agricultural goods from the EU will have an impact on 5,000 jobs in the Netherlands and will cost the country's economy 300 millions euros, the Dutch national statistics office CBS reported...

Japan-Oman tax treaty to be in force next month TOKYO: A double-taxation avoidance agreement between Japan and Oman is expected to enter into force next month, the Japanese Foreign Ministry announced Monday. Japan notified Oman on Sunday of the completion of its internal...

Quantum computing methodology is certainly going to be a gigantic leap for next gen development Quantum computing methodology seems to be the most talked about thing across the tech world at the moment. This is because of the fact that if the latest development is actually...

Microsoft Nokia Lumia 530 with 512 MB RAm @Rs7349 is expensive. Nokia should have priced it at Rs 6500 at the most. If you are among the people who love Windows Phone handsets and wanted it cheap, this is the right time to go for it. Microsoft, the new Nokia masters have...