India and South Africa have formed four working groups on sectors like energy, mining and financial services in a bid to boost bilateral trade from the current USD 7.7 billion.
Commerce and Industry Minister Anand Sharma, who is leading a business delegation to the African country, said the views of the working groups --formed during the meeting of CEOs from India and South Africa -- will help both the governments formulate policy to strength the economic ties.
"The inputs of the (meeting) will help us in refining policy regime,"Sharma said after addressing a seminar on 'Doing Business with India' organised by CII here.
He said the CEOs discussed cooperation in the sectors like mining, infrastructure, pharma, agriculture and it was decided to set up four working groups. The Indian CEOs were lead by Tata Group Chairman Ratan Tata.
The two-way trade between the countries is likely to touch USD 10 billion this year.
The next meeting of the CEO's Forum, which was re-launched during the visit of South African President Jacob Zuma to India in June, would be held in India in March, Sharma said.
India has a "strategic" interest in South Africa as it could act as a gateway to the entire African continent, he said.
"I think South Africa and India can develop further infrastructure linkages with neighbouring countries including Mozambique, Namibia and Zimbabwe. It would give a major fillip to our trade ties to the region," Sharma said.
Inviting South African businesses to participate in India's infrastructure development programme, the minister said that the country would see about USD 1.7 trillion in investments in the sector within the next 10 years.
Sharma is also slated to participate in 'India Show' in Durban later.
India is exploring the possibility of a comprehensive trade and investment pact with South Africa.