Thursday, March 20, 2008

India needs to diversity import basket from Africa, says Kamal Nath

by Jo Black

Africa’s growth and development is integral to global prosperity. Stating this, Mr Kamal Nath, Indian Minister of Commerce & Industry, in his keynote address at the inaugural session of the 4th CII-Exim Bank Conclave on India Africa Project Partnership 2008 in New Delhi, said India needs to diversify the import basket from Africa. He added that Indian expertise could be suitably engaged to add value to Africa’s industrial and agricultural output, which in turn will bring greater value to India-Africa trade ties.

The minister expressed hope that the Conclave will facilitate a close examination of the various bilateral and multilateral agreements between India and Africa, and strengthen the dialogue to fast-track the various India-Africa agreements with crucial inputs from business chambers and associations in the two regions.

Noting that the conclave drew a record number of delegates from Africa, Mr Nath said the deliberations will serve as key inputs for the India-Africa Forum Summit to be held in New Delhi on April 8, 2008.

Stating the India-Africa trade volumes have increased appreciably since 1991, and particularly in 2006-07, when India exports to Africa clocked USD8.4 billion and Indian imports from Africa scaled USD11.4 billion, Mr Nath said that India-Africa economic relations have transcended to a higher level of cooperation in infrastructure development, capacity building initiatives and environment protection.

Earlier, Dr. Ali Mohamed Shein, Vice President of the Republic of Tanzania, who was the Gues of Honour at the Conclave, said the African nations have drawn inspiration from India’s spectacular growth process. He hoped to see a higher level of engagement between India and the regional groupings in Africa.

Staing that India’s high growth process was powered by a robust industrial performance, he said that Africa could benefit from engaging Indian expertise in this field.

Noting that India’s expertise in the small sector would be highly useful to the African nations, including his own country Tanzania, Dr Shein invited Indian private sector companies to invest in Tanzania in diverse business sectors.

Mr K V Kamath, President Elect CII, Chairman ICICI Bank Ltd, in his introductory remarks said the Conclave is focused on four key areas: agriculture, skills development, technology and energy. He said that CII is poised to help and partner Africa in these sustainable development measures.

Mr Syamal Gupta, Chairman CII Africa Committee & Chairman Tata International, introduced the Guest of Honour to the gathering. Indian investments in Tanzania have reached USD 1 billion, with RITES partnering Tanzanian Railway Ltd in a major project, he added.

 

 

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