India looks towards Sustained Partnership with Africa for Trade

No.PR-267 September 24, 2020 New Delhi India looks towards Sustained Partnership with Africa for Trade India looks towards sustained partnership with Africa as India’s relationship with Africa is distinct and unique as both economies are run with similar factors and share positive trade relations, deliberated Dr. Srikar K Reddy, Joint Secretary / OSD – FT (Africa), Department of Commerce, Ministry of Commerce and Industry, Govt of India, New Delhi in the inaugural session of 3D Expo and Conference on Enterprising Africa: The Land of Opportunities with PHD Chamber of Commerce and Industry as a strategic partner. Dr. Srikar K Reddy, Joint Secretary / OSD – FT (Africa), Department of Commerce, Ministry of Commerce and Industry, Govt of India, New Delhi while talking about the close connection between India and Africa shared by close economic partnership and development cooperation, mentioned that India is known as the pharmacy of the world, that supplies affordable medicines to all parts of the world including Africa. The medicines have helped to combat the pandemic in Africa and collaboration can happen in the field of healthcare, plastics, and agriculture between the two countries. We see a lot of potential with the increase in bilateral trade with Africa. These bilateral trade relations have created a lot of jobs in Africa and India, discussed Dr. Reddy. H.E. Mr. Abhay Thakur, High Commissioner of India to Nigeria deliberated that Nigeria is one of the leading trade partners to India and vise-a-vise, sharing a multi-facet relationship. Looking at the present GDP target there is a need for close working between India and Nigeria. He highlighted that if we are looking towards Africa, we must look for how to boost the local expertise because Africa needs to be able to collaborate with India on a sustainable basis. We have to look at ways & means in that we can not only export but enter into durable long term partnerships. We need to formulate projects, solutions for Africa rather than only goods, and these solutions need to be beneficial. We need to significantly boost our exports and take advantage of the investment opportunity. H.E. Mr. Abhay Thakur mentioned that we should look at expanding African banks in India as it will make trade easier. Areas like start-ups and IT can be focus areas. Indian and African business associations need to join hands with each other to leverage active trade relations. Mr. Sharad Kumar Saraf, while deliberating about the economic and trade growth of India mentioned that exports are one the strong pillars contributing towards the GDP and India is growing its foreign trade in exports and imports. Talking about the daunting impact of the pandemic, he mentioned that growth in Exports provides the much-needed pathways for job creation in India. Looking at the present international scenario, India has the opportunity to amplify its foreign trade and be a centre for facilities. India must take these opportunities with their innovative marketing strategies and provide sustainable business solutions. Mr. Saraf mentioned that looking at the rise in exports and imports, we can say that in the coming year, Africa and India are going to raise a significant portion of global demand and income. India can offer a vast export basket consisting of mineral oils, vehicles, pharmaceutical products, machinery, equipment, organic chemicals, cotton and textiles, and many more can be offered to Africa. We are making continuous efforts to strengthen ties between India and Africa and making diligent efforts to provide a platform to businesses of both countries to enhance economies and trade relations, said Mr. Saraf. Mr. Ashish Sinha, Acting High Commissioner of India to Kenya highlighted that India is a major trade and investment part in Kenya with a constant rise in the trade relations between both countries creating jobs and business development. Sectors are agriculture, food processing, healthcare, pharma, textile, packaging; IT, ICT, automobiles, chemicals and many more can be leverage in the bilateral relations. He shared the projects undertaken by India and Kenya in different verticals that are creating jobs in both countries. He emphasized that in the housing sector; Indian companies can come and tap on this sector leading to a win-win situation for both counties. Mr. Sinha highlighted that diversification of trade is the need of the hour by looking for long term engagement leading to job creation in both countries in various sectors. Mr. Vivek Agarwala, Chair, International affairs Committee for Africa, PHD Chamber of Commerce and Industry mentioned that Africa has been a priority for India based on the dimension of investment, trade ties, personal ties and defense, and other securities. He discussed that India’s economic partnership with African countries is vibrant that extend beyond trade investment, technology transfer, knowledge sharing, and skill development. He also discussed the opportunities given by the Government of India in its Focus Africa Program to promote bilateral trade relations. Mr. Prem Anveshi, Chair, Futurex Group delivered a formal vote of thanks to all the delegates and participants. The inaugural session was moderation by Mr. Naveen Kumar Seth, Principal Director, PHD Chamber of Commerce and Industry, and witnessed a participation of more than 80 companies from different sectors. Ends Media Division PHD Chamber of Commerce and Industry