IBSA summit to further strengthen trade ties

Pretoria: The second annual India-Brazil-South Africa (IBSA) summit could result in the trilateral initiative achieving their trade target of $10-billion within the next few years.
Events leading up to the summit, to be held at the Presidential Guesthouse on 17 October, will provide a platform for the formation of trilateral business partnerships aimed at enhancing existing trade between the three members states.
Speaking at a press briefing Tuesday, Ambassador Jerry Matjila, Head of the Asia and Middle East Section in the Department of Foreign Affairs said that since the formation of IBSA in 2003, trade between the three countries has increased to between $6 and $7 billion dollars.
A business forum will form a major component of events leading up to the one-day summit and will see over 200 business people from India, Brazil and South Africa attending the discussion groups at the Sandton Convention Centre on 15 and 16 October.
Mr Matjila said it was a chance for them to form trilateral companies especially in emerging opportunities in the transport, maritime and aviation sector.
He said the increased volume of air traffic had resulted in plans for Indian airline, Jet Airlines, to fly to OR Tambo International Airport soon and government hoped that the private sector would move into this area.
02/10/07 Sholain Govender/BuaNews Online (press release), South Africa

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Categories: Foreign Oct 2007, General Aviation Oct 2007