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India:Africa-India should roll out joint ventures to boost exports |
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2005-8-9
Reports by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) on India and Africa Partnership for Progress suggets that India’s exports to African countries is anticipated to reach US $6 billion by year 2010, which currently stands at $2 billion.
In order to reach at the targeted exports, ASSOCHAM has selected seven main sectors in which Indian and African industries should jointly venture on primary basis. The suggested sectors are; Food Processing Plant, Pharmaceutical Machineries, Textile Machineries, Floriculture Projects, Leather Processing Plants, Port Development and Mining.
President of ASSOCHAM, Mahendra K. Sanghi informed that setting up joint venture in such sectors will also boost government’s Focus Africa Programme for enhancing business and economic relations between India and the African continent.
According to the report, Africa holds substantial potential for trade and business, since it provides wide diversity in terms of prospects in sectors like natural and mineral wealth; notably of diamonds and platinum, phosphate, oil, gas and timber.
Sanghi also added that the Africa Division in the Ministry of External Affairs should take initiatives and steps both with the Indian industry and its counterpart in the African region to set up joint ventures.
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