The trade relationship between South African and India will be defined by economic growth in the years to come, the Indian High Commissioner to South Africa Virendra Gupta said on Wednesday.

Gupta told journalists at the launch of the Indian High Commission’s new website to promote bilateral relations, that job creation, value addition and government policy on beneficiation would influence the relationship between the two countries in future.

“South Africa is India’s most important relationship in the developing world. There are multiple forums between the two countries, as well as common views and close coordination. We must develop our caucus even more,” he said.

Bilateral trade between the two countries already reached $10-billion a year, with India being South Africa’s sixth largest trading partner globally. A bilateral trade target of $15-billion has been set for 2014.

Energy was identified as a priority sector for Indian investment in South Africa, particularly coal, but also renewable energy, crude oil and gas. Gupta noted that renewable energy is a necessity for the future, although it is not necessarily economically viable at present.

India also had much to offer the local pharmaceutical sector, as prescription and generic drugs were manufactured at a low cost in India. Indian pharmaceutical companies were being encouraged to expand their business to South Africa and build manufacturing plants here.

Meanwhile, Gupta emphasised that India also held significant investment opportunities for South African companies, particularly in infrastructure development.

“South African companies can take advantage of the good economic climate in India, as well as the size of the market,” he added.

The new website aimed to further promote bilateral relations through access to information on all economic and business services, including visas, passports and consular services. It also contained a separate section on training and scholarship opportunities offered by the Indian government to South Africans.

Gupta pointed out that training was becoming exceedingly important for future trade and meaningful partnerships, something that India aimed to tackle, but which should receive attention from local institutions as well.

“India is serious about creating partnerships with South Africa, as it shares a similar history and today lives in much the same context. Business should be pursued both ways, considering the priorities of both countries, while benefiting from mutual development and growth,” he concluded.