HUGE POTENTIAL FOR TRADE BETWEEN INDIA AND AFRICA OMAR ABDULLAH INAUGURATES MEET ON AFRICA
Date : 22 Nov 2000
Location : New Delhi
There is a huge potential for trade between India and Africa, even though Africa accounted for only 5.3 per cent of India's exports and 13.9 per cent of India's imports during 1999-2000. There is immense potential for export of agricultural goods from India to several African countries such as agricultural implements and machinery, machinery for construction of roads and ridges, irrigation equipments, diesel set, mining machinery etc. Speaking at the inauguration of a Conference on "Investment on Africa" organised by the PHD Chamber of Commerce & Industry, here today, Shri Omar Abdullah, Minister of State for Commerce and Industry, also stressed that India and the African countries could undertake joint exploration of mining and minerals, petroleum and petroleum products, precious stones and gems & jewellery for optimising value-addition. Besides, there were a number of other potential items of exports from India to Africa including textiles and garments, drugs & pharmaceuticals, electronic goods, household appliances, bicycles and parts, automobiles and auto components, rice, tobacco, computer hardware & software etc., Shri Abdullah said and added that potential items of imports from Africa to India included wood pulp and wood products, crude minerals and mineral products, newsprint, rough diamonds etc. Smt. Vasundhara Raje, Minister of State for Small Scale Industries and Agro & Rural Industries also attended the Conference.
Regarding Indian investments in Africa, Shri Abdullah said: "The abundant mineral wealth and inexpensive labour make Africa an attractive destination for investments from many Western countries. Indian investors should learn from this and from our own success stories and move forward with a focussed approach in promoting joint ventures and wholly owned subsidiaries in Africa. I am sure this meet will come up with concrete action plans on this front. The Ministry of Commerce will be willing to extend all help in your efforts to promote Indian investments in Africa".