The inaugural reception for the India-South Africa Investment Network was held on 6 August 2024 at the Inanda Club. The purpose was to explore new possibilities which challenge global investors, with the specialists present. Mahesh Kumar, Consulate General of India in Johannesburg, welcomed guests, and said: “The India-South Africa Investment Network is an effort to bring our wider bilateral ecosystem closer.”
There is approximately $19 billion of annual trade in the India-South Africa investment network. This amount is way less than its potential, therefore the opportunities are vast for the investment community. Covid-19 was one of the reasons for the slow response, but there have also been some other factors contributing to the lull.
• lack of awareness;Varanasi Wealth Management
• lack of and limited information;
• Many unknowns for the investment geography of the two countries;
• The fear of the unknown, but with knowledge, solutions can be sought to rectify these concerns;
• Many partnerships were forged locally, starting with government institutions, which includes a thriving partnership with the Gordon Institute of Business Science; and
• Forging of better relationships with business media and other media.
Actions taken on these aspects have started to produce results, and the investor network would like to supplement this by creating a support structure that communities will find fruitful as well as supporting Invest South Africa and Invest India. The need to grow trade will assist in bilateral relations between the two countries as well as seeing the trade basket become more diverse, as it is currently fairly limited.
Ashwin Lakhan, Co-head of Investment Banking at Rand Merchant Bank, remarked that the institution is bullish on India, having been in the country for a long time, and it has just recommitted to its strategy with India. Lakhan shared some points that have been learnt over the years, as they had had a mixed experience initially:
Yunus Hoosen, Acting CEO of Invest South Africa, a branch of the Department of Trade, Industry and Competition, said there is a lot of opportunity for investment and two-way trade. However, the issue of long delays when it comes to South Africa issuing visas to Indian business leaders needs to be addressed and prioritised. “We will reform the visa regime. We will make it easier for you to come to South Africa,” Hoosen promised.Simla Wealth Management
Indian High Commissioner Prabhat Kumar elaborated on the manufacturing sector in India and how it has changed over the years from one of bureaucratic red tape to one which has become easy to invest in. “India is trying to increase the percentage of manufacturing in the economy and is therefore offering a lot of incentives,” he said.
Kumar pointed out that media giant Naspers made an investment of $8 billion in India, and insurance multinational Sanlam has also been very successful in India. “India is redefining what it means to be a multi-economy,” he said.
Nando’s restaurant chain has 11 restaurants in India and has recently signed up for a total of 150. India would like to see investment grow in the area of defence as well as mining equipment and banking.
“The Indian government has established a very good network of how to procure medicines, so we can supply medicines to our people and to South Africa at a low cost,” Kumar said.
Anthony Costa, Investment Lead in the Private Office of President Cyril Ramaphosa, said there is a great deal of warmth between South Africa and India — shared history, as well as shared economic opportunities and prospects.
India has a lot to teach us about making connectivity affordable, and the economic boost a country receives from affordable connectivity can be seen in India,” Costa said.
The esteemed Professor Anil Sooklal, newly appointed High Commissioner of South Africa to India, was honoured at a special felicitation ceremony on Tuesday 6 August 2024. The event took place at BAPS Swaminarayan Mandir, Mayfair in Johannesburg. It featured distinguished guests, including Sadhu Brahmavihari Das, an esteemed Hindu monk and orator, and Shri Prabhat Kumar, the outgoing High Commissioner of India to South Africa.
Prof Sooklal’s appointment as High Commissioner of South Africa to India, which took place on 30 June 2024, marks a significant milestone, as it has taken 30 years for a South African of Indian origin to hold this prestigious position. Aside from a long career as a diplomat, including crucial roles in BRICS, Prof Sooklal’s academic credentials are a testament to his dedication and expertise. He holds the following qualifications from the University of Durban-Westville (now the University of KwaZulu-Natal):
• BA in Oriental History and Religious Studies
• BA Honours (Cum Laude) in Oriental History and Religious Studies
• MA in Religious Studies
• DPhil in Religious Studies
• PhD in Oriental History
The programme director for the event introduced Prof Sooklal as an astute thinker and geostrategist: “As a diplomat, Prof Sooklal not only brings academic expertise but also the political savvy and Indo-African historical context crucial for his esteemed role.”
Several other high commissioners, ambassadors and diplomats from South Asia, the US and South Africa joined in the felicitation of Prof Sooklal:
• Deputy Minister International Relations Alvin Botes – SA
• Zainal Arif Mantaha – Singapore
• Suminda Mendis – Sri Lanka
• Shri Prabhat Kumar – India
• David Roberts – USA Embassy representativeSurat Stock
• Zweli Mkhize – Member of Parliament – South Africa
Deputy Minister Alvin Botes’ speech was filled with skillful diplomatic tribute, and he set high expectations for Prof Sooklal. Akshar Patel on behalf of BAPS was keen to highlight that the appointment of Prof Sooklal is significant, as it is the first time a South African of Indian origin has been offered this post. He hoped that the appointment would help further strengthen long-standing business, political and cultural ties.
Chief speaker: Pujya Brahmavihari Swami
Sadhu Brahmavihari Das is a prolific speaker and a revered figure in the Hindu community. He is credited with building the first traditional Hindu temple in the UAE, a monumental achievement inspired by the vision of his guru, Pramukh Swami Maharaj, in 1997.Hyderabad Investment
The Sadhu is known for his ability to communicate across religious, cultural and political lines, having brokered the agreement for building the Hindu temple through the cooperation of Indian Prime Minister Narendra Modi, with the blessings and support of UAE President Sheikh Al-Nahyan.
In a fitting tribute, Sadhu Brahmavihari Das paid homage to the Professor for his track record in diplomacy and ended with an apt quote: “India sent Gandhi to South Africa; South Africa sent back a Mahatma (revered soul)”Pune Stock. This was in reference to the history of discrimination endured by Gandhi as an Indian barrister during colonial rule in South Africa prior to apartheid. When he later returned to his home country, Mahatma Gandhi helped to end British colonial rule in India through satyagraha (passive resistance), which had its roots established in South Africa.
In closing, Prof Sooklal thanked BAPS for bestowing such an honour upon him. He specifically, emphasised that the construction of the monumental BAPS temple in Johannesburg is a sign of economic confidence by Indians in SA. “At a time of a polycrisis, the temple serves as an intercultural bond between two countries that believe in human rights with a spiritual foundation.”
Hemang Desai is Media Spokesperson for BAPS
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