In a significant move to bolster economic relations, Cape Town played host to the three-day India-Africa Entrepreneurship and Investment Summit, welcoming an array of investors, entrepreneurs, and leaders from both the public and private sectors, Cape {town} Etc reports.
This sixth edition of the summit, now sponsored for the first time by the City, marks a pivotal event in fostering stronger ties between South Africa and India, with the vibrant city aiming to capitalise on this synergy for future growth.
Delivering the keynote address, Mayco for Economic Growth, Alderman James Vos highlighted a remarkable milestone achieved in bilateral trade between Africa and India. As of the 2024/2025 financial year, this trade surpassed US$100 billion, a remarkable increase from $56 billion in 2019/2020.
‘Yet we are here because we know that this achievement could and should be the first of greater things,’ Vos remarked, keenly emphasising the potential for Cape Town to play a fundamental role in sustaining this upward trajectory.
The western region has already seen impressive growth, particularly in imports from India which have surged by 72% year-on-year in 2025. India emerged as the second-largest import source market for the province last year, contributing to 8.4% of the overall share of imports.
Moreover, exports to India have grown at an astounding average annual growth rate of 46.37% from 2020 to 2024, signifying a robust trade relationship that continues to flourish.
Alderman Vos further pointed out the significant impact of foreign direct investment (FDI) from Indian companies in Cape Town. Between 2015 and 2024, the Western Cape region benefitted from 11 key FDI projects from India, with a total capital expenditure valued at US$87.30 million (roughly R1.4 billion).
Notably, a staggering 88% of these investments were focused on the technology services and business process outsourcing sectors, reflecting a keen interest in Cape Town’s growing tech landscape.
Looking ahead, Vos referenced optimistic projections from the International Monetary Fund, which anticipates India’s GDP will grow by 63.5% by 2031, potentially positioning it as the fastest-growing major economy in the world.
Alongside this development, Indian outbound travel is forecasted to escalate to 39 million individuals by 2028, a notable increase from the 28.2 million international travellers in 2023. However, of those, only 79,774 ventured to South Africa last year, showcasing both a challenge and an opportunity for advancement.
‘India’s expansive outbound travel market, consumer base, and investors represent a tremendous opportunity for Cape Town to enhance job creation and economic aspirations,’ Vos stated.
He recounted leading a City delegation to India, where discussions were held with government officials, tourism operators, airlines, and business executives to fortify economic collaboration.
A primary focus of these engagements was the ambition to establish a direct flight between Cape Town and India, which, while still in the works, promises to unlock enhanced connectivity and opportunities for trade and tourism.
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