![]() Financial Daily from THE HINDU group of publications Tuesday, Sep 23, 2003 |
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Industry & Economy
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Foreign Trade `Tap potential of sub-Saharan Africa market' Our Bureau
New Delhi , Sept. 22 WITH an encouraging export performance to the Sub-Saharan African region in the recent years, the Union Commerce Minister, Mr Arun Jaitley, has called for "lot more work" from the exporting community to tap the vast potential available in that region. Addressing a meeting on `Focus Africa programme', organised by the Department of Commerce, Mr Jaitley expressed confidence that the Focus Africa programme would not only smoothen the trade flow but also play an important role in strengthening relations, economical and political, with the African region. "Our cooperation and close coordination on all important issues was shown in the recent Cancun Ministerial meeting of the WTO. On all the important issues, whether the Agreement on Agriculture, TRIPS or the Singapore issues there was not only a meeting of minds but also close coordination between Indian delegations and delegations from African countries," Mr Jaitley said. The Department of Commerce had launched the Focus Africa programme on March 31, 2002, along with the Exim Policy, with a view to significantly enhance India's trade with the Sub-Saharan Africa region. In the first year of Focus Africa programme, seven major trading partners from Sub-Saharan Africa region were identified as "focus" countries. From April 1, 2003, the Focus Africa programme had been extended to 11 other countries of the Sub-Saharan African region where India has missions i.e Angola, Botswana, Ivory-Coast, Madagascar, Mozambique, Senegal, Seychelles, Uganda, Zambia, Namibia and Zimbabwe along with the six-countries of North Africa Egypt, Libya, Tunisia, Sudan, Morocco and Algeria. The Minister said that India's exports to the Sub-Saharan African region increased by 13.5 per cent in 2002-03 to $2,452 million as against a level of $2,161 million recorded in the previous year. The export performance in 2002-03 reflects a 36.15 per cent growth to the exports of $1,801 million recorded in 2000-01. He also said the bilateral trade with the whole of Sub-Saharan Africa registered a growth of about 57 per cent at $5,335 million in 2002-03 as compared to $3,405 million in 2000-01. Bilateral trade with Sub-Saharan Africa touched a level of $4,274 million during 2001-02. Mr Jaitley announced that a meeting of the commercial representatives of Indian missions in Sub-Saharan Africa is likely to be held in November 2003 to review their working. He said that the Government has already activated the Indian Missions in Africa to create necessary awareness regarding India's economic reforms, strength of Indian industry and the export capabilities. Other institutional mechanisms like trade agreements, joint trade committees and joint business councils have been activated, he said.
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