140 Indian firms have invested $4billion in South Africa: CII-PwC
New Delhi: Indian companies have invested over $4 billion in South Africa and created 18,000 direct jobs in the continent’s biggest economy, the Confederation of Indian Industry (CII) said on Sunday.
According to a new CII report “Indian Industry’s Inclusive Footprint in South Africa – Doing business, doing good”, prepared jointly with British advisory multinational Pricewaterhouse Coopers (PwC), there are 140 Indian companies operating in South Africa whose contributions go beyond foreign direct investment (FDI) in the country, and include key CSR and skill development initiatives.
“Indian companies operating in South Africa are not just investing funds and creating jobs, but are actively contributing to the upliftment of the communities in which they operate,” a CII release said here.
According to the report, leading Indian companies such as Wipro, state-run Coal India, Cipla, Jindal Steel and Power, Mahindra and Mahindra have recently made investments in South Africa.
“In the healthcare sector, the entry of Indian pharma companies Ranbaxy and Cipla brought in drastic reduction in the cost of anti-retroviral drugs in South Africa, saving thousands of lives. Indian companies are taking steps to transfer skills to South Africans, particularly in the IT sector,” it said.
In a statement, CII Director General Chandrajit Banerjee said: “The report highlights the journey of the historic and economic relationship between India and South Africa, looking at the key sectors where Indian companies are thriving.”
PwC Chief Executive (Southern Africa) Dion Shango said: “Indian companies are demonstrating their commitment to sustainable development in South Africa across education and healthcare schemes to job creation, agricultural projects and empowering women.”
A focus on ethical business practice comes through in the report, as this is of critical importance for Indian companies operating in South Africa, the statement added.