Africa holds immense potential for India’s exports, says Commerce Minister
A total of 37 CEOs from Africa and 31 CEOs from India participated in the India Africa Trade Ministers Meeting (IATMM) held in New Delhi
Himanshu Vatsa | The Dollar Business
African countries have immense potential for India’s exports and the region offers many areas of cooperation for Indian businesses, Commerce and Industry Minister Nirmala Sitharaman said. “Africa holds immense potential, not just as an export destination but also because there is scope for our infrastructure development,” the Minister told reporters after the 4th India-Africa Trade Ministers’ Meeting (IATMM) held in New Delhi on Friday. A total of 37 CEOs from Africa and 31 CEOs from India participated in the meeting which was held ahead of the four-day India-Africa Summit beginning October 26. Highlighting the potential areas of cooperation, the Minister said, “infrastructure, expanding the scope of agriculture, energy, human resource development and healthcare seem to be the areas in which there is immediate possibility of cooperation with African countries and Indian businesses”. She also underlined the importance of the subcontinent in providing opportunities for value-addition in various sectors with its skilled human resources. “If you are looking at outsourcing of business, Africa holds immense potential for business opportunities. Business product outsourcing can be done in Africa because they have human resources who are qualified, skilled, who can conduct that and who are immensely trained in software also. So the scope for Indian business operation, not merely form the point of export but also for looking a destination from where value-addition can be done, is immensely available in Africa,” she said. Industry leaders from both sides also held a meeting of the India-Africa Business Council (IABC) and discussed ways to consolidate complementarities and explore new opportunities for economic cooperation in various fields. “The business council, with members representing industry of both sides, discussed the possible partnerships at bilateral, regional and continental level,” said a joint statement adopted at the IABC meeting. Asked about the potential of the region’s trade with India, Zimbabwe trade minister Mike Bimha said that several sub-regional groups within Africa have established or in the process of establishing free trade areas. Besides, talks are also on over a tripartite free trade area and a continental level free trade area. “We are also talking about the continental free trade area which then incorporates accords. And again, that’s a very huge market. But the thrust of the talk is on industrialisation, value-addition and beneficiation on the understanding that we have huge natural resources. There is also a plenty of mineral deposits and all these are begging for value addition. And value addition also now requires technology,” he said. He said that India has a lot of advantage in areas of pharmaceuticals, issues to do with appropriate technologies particularly with SMEs and that kind of areas. “We believe that we will also benefit from food processing in particular,” Bimha said. Trade ministers also discussed issues related to WTO and expressed willingness to continue their partnership in the next round of negotiations to be held in Nairobi, Kenya. “We discussed about WTO. We discussed it keeping in mind the context that for the first time it is being held in Africa. And, we’ve also heard him (Mike Bimha) say that India and Africa are on the same page on issues related to WTO,” said Sitharaman. She also said that India sees Africa as a natural partner and “together, we can have a positive influence on the future global economic order.” At present, India’s trade with African countries is estimated to be around $70 billion, of which Africa’s imports from India is worth $30.74 billion.
October 24, 2015 | 2:43pm IST.
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