Davies said India was South Africa's tenth largest foreign investor and South African firms were beginning to get involved in India to an increasing extent.

Sharma said that the leadership of the two countries had set a target to take the current trade of $7 billion to $20 billion by 2012.

'Because of the global downturn and the challenges associated with it, there has been a setback, which we reviewed. We reaffirmed the commitment of both the government and the business leaders of both the countries to elevate this engagement to a higher level to ensure that we are able to achieve what perhaps may not be achieved by 2010, but well before 2012.'

Sharma added that the two countries which are also engaged in the IBSA (India-Brazil-South Africa) trilateral, have set a target of taking IBSA trade between the three countries to $25 billion by 2015.

'We hope to be able to prepare through the CEO Forum all those pathways of cooperation bilaterally. We also encourage our CEOs to look at opportunities elsewhere and to partner with friends in the region and internationally.'

Sharma said the apex bodies of business and industry in both countries, such as Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and Business South Africa, have been in contact. 'Their coordination efforts will also further help in supporting strengthening the bilateral cooperation that both the governments have in mind,' he said.