Highlighting the investments by companies on both sides, Nkoane-Mashabane made a plea to local delegates: 'South African companies in all sectors need to work much harder in exploiting export opportunities to take South African products into Indian markets for its 1.1 billion people.'

Maintaining that India was an attractive option for global investors, he added: 'India as a trading partner should not be underestimated.'

Nkoane-Mashabane also noted that India's investment in South Africa has grown 'remarkably both in quantity and diversity', and singled out the Taj Hotels group, which has planned to invest 550 million rands ($71 million/Rs.346.2 crore) to build hotels in Cape Town, Durban and Johannesburg.

'Indian call centre companies also have plans to create 5,000 new jobs for South Africans. We welcome such exciting investments to our shores,' he added.

Nkoane-Mashabane said although a number of South African companies like brewer SAB-Miller and the Airports Company of South Africa have made big investments in India, local firms were 'still scratching the surface and need to take full advantage of the opportunities that India offers'.