India targets West Africa investment

India is stepping up its efforts to attract investment from member states of the Economic Community of West African States (ECOWAS).

 
India’s trade with Africa has risen from US$25 billion in 2006-07 to US$53.3 billion in 2010-11, due to rise in both exports to, and imports from the African region.

Its exports to Africa also rose from US$10.3 billion in 2006-07 to US$20.9 billion in 2010-11, primarily due to increase in exports of transport equipment equipments and petroleum products.

“The West Africa is a heterogeneous group of countries with continental giant like Nigeria and countries that have experienced growth through sustained political stability and calm like Ghana and Cape Verde.

The sub-regionwith its strong economic fundamentals holds great promise for the future,” Indian High Commissioner to Ghana, Mr. Rajinder Bhagat said in Accra.

Mr. Bhagat was speaking at a media interaction to officially announce the maiden ‘India Show’ which will comprise exhibition and conferences being put up by the Federation of Indian Chamber of Commerce and Industry (FICCI) with the support of Ministries of Commerce and Industry, and External Affairs.

The Show is in partnership with the Federation of Indian Chambers of Commerce & Industry (FICCI) and counterpart Chambers of Commerce and Industry.

Ghana was chosen to hold the ‘India Show’ because of its economic and political stability; rich natural resource base;  modern, vibrant and fast growing financial sector; and gateway to the ECOWAS market of 240 million people, the Indian High Commissioner explained.

India is putting its best foot forward to showcase all that it has to offer to Africa when the over 200 business leaders, accompanying Mr Anand Sharma, Indian Minister of Commerce, Industry and Textiles, converge at Accra International Trade Fair, Ghana for a three-day ‘India Show’ starting on July 9-11, 2012.
 
 Mr. Bhagat explained that the Chairman and Chief Executive Officer of the Sun Group, Vikramjit Singh Sahney, would led the FICCI business delegation comprises representatives from sectors including agriculture, health, infrastructure, mining and minerals, ICT, construction, energy, pharmaceuticals, and education.

The objectives of these events are among others are to create awareness about the best of Indian technologies and products; explore opportunities offered by the West African sub-region; and to increase trade exports between India and West African countries, he indicated.

Mr. Wilson Attah Krofah, President of the Pan African  Chamber of Commerce and Industry, emphasized: “The ‘India Show’ promises to be the perfect opportunity and platform for African businessmen and institutions who seek partnerships for trade, joint ventures, technology transfer and investments from their Indian counterparts”.
 
The key sections of the ‘India Show’ he mentioned include business to business meetings, sectoral meetings of members of India-West Africa Business Partnership Forum, cultural extravaganza, and Indian food festival.