Launch Pad: African Continental FTA
India Inc could be a reliable partner with East Africa, making it a launch pad into the region, said the Indian High Commissioner to Kenya Rahul Chhabra.
Delivering the keynote address at the CII–Exim Bank webinar on ‘India – East Africa Economic Update’ on 16 May 2020, he called on Indian companies to tap into a large integrated market in the region.
The implementation of the African Continental Free Trade Area in the coming months would yet again put East Africa into the spotlight and make it a regional launch pad, he stressed.
India, said Chhabra, contributes a significant amount to East Africa’s imports and has several investments in the region.
Speaking on the opportunities for the Indian Industry in the hospitality sector, the envoy said that as tourism has been badly hit in East African countries such as Kenya, now is the right time to invest in properties and tourism related infrastructure as the boom will return.
There are solar projects worth billions of dollars coming in the region, informed Chhabra, Secretary (ER) designate of Ministry of External Affairs.
While COVID-19 has impacted East Africa in terms of foreign reserves, cross-border trade and movement, measures are being taken by East African Governments to tackle the situation, he added.
India is keen to partner with East Africa especially in agriculture – to help it tackle food shortages and Digital services like E-governance, Fintech and Biometric services, elaborated P Harish, Additional Secretary (ER), Ministry of External Affairs, at the webinar.
Some of the Governments have announced liquidity stimulus to help small and medium scale businesses to recover, as well as sector specific tax holidays and exemptions are being provided to foreign investors, said Dr Tizita Mulugeta, Ambassador of Ethiopia to India.
More than 200 delegates from across India and Africa discussed the current situation in the region and way forward at the webinar. fiinews.com
