State owned oil company PetroChina…
Expectations of a lasting low…
India, which already imports massive amounts of coal from South Africa, is seeking to deepen its trading ties with Africa’s most advanced economy.
India’s interest is not limited to massive industrial projects, but small and medium-sized businesses as well.
Indian High Commissioner to South Africa Virendra Gupta told reporters, "Trade volumes continue to grow between India and South Africa and they are likely to reach the magical figure of $10 billion this year. Indian companies see South Africa as a lucrative and conducive climate for investment. We will be ready to cooperate with South Africa in terms of sharing our experience, training facilities, helping the South African government agency set up small industries in different areas. The advantage of small industries is that they contribute to a very quick turnaround in job creation. South Africa remains a preferred and profitable investment destination."
South African Institute of International Affairs research associate Tom Wheeler said the arrival of Indian companies in South Africa’s automotive industry was a major success and "it would be a good thing if they came here and manufactured goods that we could export as well. Unlike the Chinese, they do not bring their own people except for managers," Business Day Online reported.
By. Charles Kennedy, Deputy Editor OilPrice.com
Charles is a writer for Oilprice.com