Financial Daily from THE HINDU group of publications
Monday, Aug 01, 2005
Financial Daily from THE HINDU group of publications Monday, Aug 01, 2005 |
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Industry & Economy
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Foreign Trade Formulate action plan on export potential in Africa, says FICCI Our Bureau
New Delhi , July 31 PHARMACEUTICALS and health, IT, water management, food processing and education are the engines of growth to fuel Indian trade with the African region, according to a study carried out by the Federation of Indian Chambers of Commerce and Industry (FICCI). The study on `Destination Africa - India's Vision' recommends the formulation of an action plan to cash in on the exporting opportunities offered by the top eight destinations in Africa — Nigeria, South Africa, Kenya, Mauritius, Ghana, Tanzania, Algeria and Sudan. The business attraction of these countries increases in view of the expected 5.4 per cent GDP growth in these countries in 2005 and beyond, primarily due to the improved political and economic stability, vast oil and gas reserves and the ongoing restructuring of the economies in Africa, says the study. Emphasising the need for concrete steps by the Government to give a fillip to trade between India and Africa, the FICCI study has suggested setting up banking networks with focus countries such as Algeria, Ghana, Mauritius, and Sudan. Another suggestion the chamber has given is India should aid in setting up industrial estates, hospitals and schools. India can help African countries to set up industrial estates for small and medium enterprises and could also organise joint commissions and joint business councils.The study notes that a major constraint for businessmen is lack of exchange of business delegations.
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