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IBSA to sort out issues to increase mutual cooperation

Economic Times, India

IBSA to sort out issues to increase mutual cooperation

12 May 2008

PTI/NEW DELHI : India, Brazil and South Africa (IBSA) is working towards sorting out procedural and infrastructural bottlenecks to increase mutual operation in key areas of energy, tourism and mining, industry body CII said on Monday.

The recommendations of the Business representatives of IBSA, who met on the sidelines of the IBSA Ministerial in Cape Town, were presented to the Foreign Affairs Ministers of India, Brazil and South Africa.

"Recommendations were accepted by the ministers to work on by the three sides," industry body CII, which has lead a business delegation, said in a release.

South Africa received about 3.54 million tourists last year by air route, out of which only 50,000 came from India. The chamber said reasons for this low tourist inflow, includes poor air connectivity and high airfare.

National carriers should be brought in for taking up the missing links in direct flights between the three countries, CII said.

India can invest in Brazil for iron ore mines and in South Africa for coal for its power projects. Logistics are the main deterrent that comes in way of Indian investments in Brazil in iron ore sector, it said.

"Once Brazil can set up railway network from mines to port, the cooperation in this sector will start booming," CII said.

The three governments were requested to continue to negotiate and ratify trade agreements that will make real contributions to the economic relationships between the three countries.