Indian businesses in Africa urge regular and intense interfaces with the African governments for utilization of line of credit, setting up of banks and to take urgent steps to liberalize visa policies. According to them, there is a huge potential to be tapped in each other’s region. But the present ecosystem has to be geared to address such challenges.
India’s commerce ministry is seized up with this matter and held an interaction among Indian business community in Africa, Indian High Commissions and embassies of eleven African countries over Digital Video Conference (DVC) on May 3 and 6. Attended by over 400 members of Indian business community in 11 African countries including Tanzania, Uganda, Kenya, Zambia, Mauritius, Nigeria, Mozambique, Ghana, South Africa, Botswana, and Madagascar, the informed interface helped in understanding the genuine problems of the Indian businesses and challenges they face in various African countries. It may be noted that though India has marched ahead in the recent years in striking business deals and investments in African countries, it is way behind China in its exposure in the region. Of late, the US, Russia, and EU are demonstrating renewed interests in focusing the African region for more economic engagement.
Indian business community also stressed the need for starting direct flights between the India and African countries; exploring the possibility of rupee trade to address the issue of shortage of dollars; creation of a common database of buyer-suppliers; development of a robust trade dispute settlement mechanism; and establishment of country chapters of Indian business associations.
Reacting to the development, Sheila Sudhakaran, Editor, www.trendsnafrica.com and Africa4U said that this initiative will help bolster economic cooperation between the two regions. Our unique digital platforms will lend all support to the Indian business community in Africa in facilitating dialogue and help in addressing the issues that crop up from time to time. We will endeavor to help both the government and business associations in India to re-focus on Africa to tap the emerging opportunities in a win-win manner.”
India’s total trade with the African region during 2017-18 was US$ 62.69 billion. African countries present immense opportunities for India for trade and investment. Endowed with the world’s largest land mass, youngest population profile, huge mineral resources, oil wealth and increasing consumption patterns, the African region is this century’s growth hub. The current strength of the Indian Diaspora in African countries is 2.8 million. Of those 2.5 million are PIOs and rest 2,20,967 are NRIs.
