State-owned Bank of India (BoI) opened its first branch in South Africa in a move to enhance the relationship between South Africa and India while contributing to the overall development of the BRICS grouping. BoI opened branch in Johannesburg which is in South Africa.
During state visit of then Indian president Pratibha Patil to South Africa in May 2012, both countries agreed to increase two-way trade to 15 billion US dollars by 2014 from 10.64 billion US dollars.
India can take advantage of the huge opportunities on the African continent, particularly in infrastructure and communication. South Africa and India both are members of BRICS, which also includes Brazil, Russia and China.
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