India and South Africa have set a bilateral trade target of $15 billion (R122 bn) by 2014,” Indian high commissioner Virendra Gupta said in Johannesburg recently. Rapid acceleration of bilateral trade between the nations saw values surpass $11 billion (R90 bn) in 2011, he said. “India attaches considerable importance to Brics and welcomes South Africa’s entry into this organisation of emerging economies,” said Gupta. “Any Brics meeting presents a platform for businesses to interact. “Bilateral trade has been strengthened by the trade relationships between businesses and not just governments. This creates the broader base of trade which I want to encourage,” he added. Current South African exports into India include gold, diamonds, coal, energy resources, potash and other minerals. “There is room to expand the range of exports and the type of companies. Currently large companies are involved in trade, but we wish to encourage SME trade between the countries. SMEs have real potential for job creation and capacity building.” “Today SMEs contribute close to 50% of India’s industrial output and 50-60% of our exports.”