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SITA (Supporting Indian Trade and Investment for Africa) is trying to assess the investment potential of the SMBs (Small and Medium Businesses) in this region in East Africa countries.
Officials from the International Trade Centre (ITC), Geneva, who were on a visit here met select entrepreneurs and apprised them of the huge investment potential for investment in African countries particularly in new and emerging sectors such as affordable healthcare, renewable energy (micro hydel through solar), clean water technology, IT and IT-Enabled services, technical and vocational training etc.
Confederation of Indian Industry, Coimbatore zone organised the meeting with ITC officials.
Speaking on the sidelines of this discussion with Business Line, Rajesh Aggarwal, Chief, Trade Facilitation & Policy for Business, ITC said the US, Europe and China looked at Africa as the “next frontier” for economic growth. It enjoys zero duty access to the US and Europe.
“India has an edge because there is a strong Indian diaspora in Africa and the big corporates that have invested in Africa have not taken Indian labour unlike China. We can take advantage of the time zone and their French speaking skills in the ITES space, put up auto assembly plants, invest in the healthcare area considering that many Africans come over to India for sophisticated treatment, invest in higher education,” he said, adding “NIIT has established its presence there.”
SITA, he said, would work closely with businesses – both East African and Indian – to build and nurture partnerships across the board in technical, managerial and financial aspects.
SITA's senior Coordinator Govind Venuprasad said the objective of the project is enhancement of business values between India and the five East African countries such as Rwanda, Ethopia, Kenya, Uganda and Tanzania.
While urging the select group to consider investing in East Africa, Venuprasad invited them to attend the biggest event - “Origin Africa” - scheduled for the third week of October in Addis Ababa.
The officials later left for Kochi from here.
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