India creates 18,000 jobs in South Africa with USD 4 bn investment

There are 140 Indian companies operating in South Africa, where their contributions go beyond foreign direct investment.

Indian companies invested more than USD 4 billion in South Africa and created 18,000 direct jobs in the largest economy in the African continent, the Confederation of Indian Industry (CII) announced today.

 

According to a new CII report, there are 140 Indian companies operating in South Africa, where their contributions go beyond foreign direct investment in the country, according to Prensa Latina. 

"The Indian companies that operate in South Africa not only invest funds and create jobs but actively contribute to the improvement of the communities in which they operate," the report said. 

In the health sector, the entry of Indian pharmaceutical companies Ranbaxy and Cipla brought a drastic reduction in the cost of antiretroviral drugs in South Africa, saving thousands of lives. 

 

Earlier reported that South Africa's economy will grow by 4.91 percent every year according to a report by Harvard Universities Center for International Development. These predictions are contrary to those of IMF and the World Bank who predict South Africa's economy to grow below 2 percent in the next two years.

 

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The report didn't provide any specific details on South Africa's economic growth. The growth rate is still less than that of African countries like Egypt with 6.63 percent, Tanzania with 6.15 percent, Mali with 5.89 percent and most notably Uganda with an expected annual economic growth of 7.49 percent.