Source: Agencies08 Jul 2016 21:09:19

Pretoria, July 8: Prime Minister Narendra Modi on Friday addressed the India-Africa Business meet in Pretoria during his second leg of four nations tour in South Africa. With addressing the Business meet in Pretoria on Friday, PM Modi said that "There is tremendous scope as India-South Africa strengthens their eco fundamentals.

“India-South Africa relations are built on a strong foundation of history. We must look at ways to diversify our trade basket. I have been advocating three Ps for India: Public Sector, Private Sector and People's Partnership. African humanism, UBUNTU, should reflect in business ethos. South Africa is India's key trade and investment partner, bilateral trade has grown almost 380 percent," Prime Minister Modi said in the business meet.

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Mentioning about India’s achievement in the trade sector, he said “India has consistently been ranked as the most attractive investment destination by several global agencies and institutions. We have jumped 12 ranks in the latest global ranking by the World Bank on ease of doing business. India has also improved its UNCTAD ranking of investment attractiveness. Against 15th so far, now we are at 9th place. India has also jumped 16 places on the World Economic Forum’s global competitive index”, he said.

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Asserting that India is seen as engine of global growth, the Prime Minister said 'Make in India' has become the biggest brand India has ever had. "We are simplifying processes to become an easier place for business. Start up India launched to incubate ideas and develop them into enterprises. India is a bright star in the global economy. We are being seen as engine of global growth," he added.

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Pointing out that the relations between India and South Africa are built on a strong foundation of history, Prime Minister Modi said Nelson Mandela and Mahatma Gandhi brought political freedom and it is the time to work for economic freedom. "Our countries have marched on the path of development. We are important partners in the BRICS economies. People at home and world at large have great expectations," he added.

Asserting that India will be proved very helpful for South Africa to help in technology and skills, PM said that India have stated efforts these areas. At the India Africa Forum Summit held in New Delhi last year, we under-took to educate and train 50,000 Africans in India over the next five years. “We can work together in a number of areas.From Defence to Dairy; From Hardware to Software; From Medicines to Medical Tourism; From Soft Skills to Science and Technology, there are opportunities for us”, he added. PM also thanked to the South African government for introducing 10 year BRICS visa for regular business travellers.