Business Unity South Africa (Busa) VP Brenda Madumise has urged more South African companies to become active in the Indian market. Speaking in Sandton on Wednesday, she pointed out that some 102 Indian companies were now active in the South African market, but that significantly fewer South African businesses were operating in India.

“Let’s move and do business in India in large numbers,” she exhorted. In 2009, bilateral trade between the two countries stood at $7.33-billion; today, it’s worth $10-billion and is on track to reach $15-billion annually in 2015.

“Busa and CII [Confederation of Indian Industry] have been working closely to enhance the business relationship between our two countries,” she affirmed. “Successive South African governments since 1994 have prioritised relations with India.”

She highlighted that the events of the past decade had been marked by a “paradigm shift in the global economy” towards the countries of the “Global South”, especially those in Asia.

Since 1991, India’s gross domestic product has gone up by a factor of four, cited CII director-general Chandrajit Banerjee. The country’s per capita income has more than doubled. Foreign direct investment in the country since 2000 has reached $200-billion.

“India’s integration with the global economy has surpassed all expectations,” he said. The country has a “young population and an expanding middle class. A robust domestic demand. There is an opportunity for all of you [South African business] to participate, and participate profitably, in India’s development story.”

Webber Wentzel India practice head Robert Appelbaum stressed that “given the size and vibrancy of the economy, it [India] is definitely the place to do business”. But, he cautioned, South African companies seeking to enter the Indian market need to “carefully chose your partner and take good advice”.

“Use the [South African] High Commission in New Delhi,” urged South African Department of International Relations and Cooperation chief director: South Asia Francis Moloi. “That shows that South African business ventures in India are supported by the South African government. That’s important. India is indeed a land of incredible opportunities. At the end of the day, we are not doing you a favour. We are doing our job.”

Madumise, Banerjee, Appelbaum and Moloi were all addressing a Busa/CII seminar entitled Engaging India.