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There is renewed interest in Africa for Indian industry participation and hence the opportunity should be utilised, said M Senthilnathan, Executive Director, Export Credit Guarantee Corporation.
The ECGC is ready to give the necessary push to small and medium enterprises (SMEs) to explore the growing scope in many African nations. These countries are looking to India after their experiences with China.
The Chinese companies that execute major projects tend to bring expertise and labour from back home. Hence, the locals do not benefit much, he explained. In contrast, Indians tend to utilise local labour and collaborate easily, thus generating participation and benefits. This has caught the attention of policymakers there.
The recent Africa Summit in New Delhi, where heads of 54 countries participated, has helped take things forward, he told BusinessLine on the sidelines of a seminar here on Wednesday.
On the issue of falling exports, especially of petroleum products, traditional gems & jewellery, and engineering goods, Senthilnathan listed a couple of reasons: . slowdown in the main export markets of the US, Europe and the UK; and fall in iron ore prices and the crude oil rates impacting exports in value terms.
Earlier, speaking at EXIM Conclave 2015, organised by the CII-Telangana State, he urged Indian companies, especially SMEs, to be bold and enter the world markets, learn the nuances and take risks as the returns are high.
In his address, Krishna Ella, MD of Bharat Biotech, said simple strategies are required to boost exports. He wanted Indian consulates abroad to help companies promote their business. He narrated his experience of how a foreign diplomat told him that his job was to ensure that their companies do good business in India.
Similarly, the Centre’s focus on skill development, Ella said, is much needed and must be implemented. A skilled youth can turn into an entrepreneur, which in turn can lead to innovation.
The CII-Telangana Chairperson, Vanitha Datla, said Indian companies were poor at marketing, though they had good products and the country has large and rich resources to exploit. The necessary changes in export policy could help encourage SME exporters.
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