India offers a gamut of attractive investment opportunities to African companies, especially in the physical infrastructure sector. Stating this in his keynote address in the valedictory session of the 10th CII-EXIM BANK Conclave on India Africa Project Partnership held in New Delhi, Dr E M Sudarsana Natchiappan, Minister of State for Commerce & Industry, Government of India, said that African companies could identify major investment opportunities in the upcoming National Investment & Manufacturing Zones (NIMZs) and large industrial corridors in India.
Dr Natchiappan said that learning and doing business are two-way processes and that India has much to learn from Africa’s development experience in the same way as African countries have been learning from India in various developmental and industrial sectors. He urged the African governments to send a greater number of students to India to pursue technical training and education.
Mr Yaduvendra Mathur, Chairman & Managing Director, EXIM Bank of India said in his address that the concessional lines of credit extended by Indian government are extremely popular in Africa. Referring to the issue of under-utilisation of lines of credit in some African countries, Mr Mathur said that EXIM Bank will arrange for its representatives to visit the particular countries and address the issue.
Mr Mathur cited various examples of how the lines of credit brought about transformational change in African countries. He made a mention of the expansion of the sugar and power sectors and development of railway networks in Ethiopia which in turn created a large number of jobs. Today, Ethiopia is aiming to become a mid-income economy by year 2025.
Earlier, Mr Syamal Gupta, Special Advisor, Tata International Ltd and Former Chairman, CII Africa Committee, said in his opening remarks that the annual Conclave has played a pivotal role in deepening the economic partnership between India and Africa.
At the session, an MoU was signed between CII and the Kaduna State of Nigeria.
This year’s Conclave saw the participation of over 500 delegates from 45 African countries. In terms of business, 549 projects worth about $85.37 billion had been discussed. Over 900 registered B2B meetings were also conducted.
The 11th edition of the Conclave will be held on 22-24 March 2015.