Enter new African markets, says Godrej

Indian companies will need to enter new markets in Africa so they can continue being global players in the 21st century, said #Adi Godrej, chairman of the #Confederation of Indian Industry (CII) – Africa Committee.

The #Godrej Group chairman highlighted the complementarities between what Africa needs, to develop its growth potential, and the kind of resources and expertise that India can offer.

#Aaron Mike Oquaye, Speaker of #Parliament from Ghana, noted that the partnership is one of opportunities and benefits for both sides.

“Encouraging joint ventures could be the road ahead. It would be a fallacy to paint Africa with a common brush. There is a need to acknowledge diversity within the continent,” he said at the #12th CII-EXIM Bank Conclave on India –Africa Project Partnership.

“India and Africa can join together for skill development and knowledge sharing,” added #M. J. Akbar, #Minister of State for External Affairs.

Akbar highlighted that Indian initiatives, such as #Jan Dhan Yojana, #Digital India, and #Make in India can be emulated to address similar issues in Africa.

Open economies are turning to protectionism whereas emerging economies are now the torchbearers of free trade, said Akbar.

Trade between India and Africa for FY15-16 was US$57 billion, which complimented deepening bilateral ties between the two partners, said Manoj Dwivedi, Joint Secretary, #Department of Commerce, Ministry of Commerce and Industry.

“While infrastructure development is important, priority should be given to education, health, and agricultural development,” he said.

CII director general Chandrajit Banerjee added that 472 projects worth US$70 billion were discussed over the duration of the conclave.

With offices in Cairo and Johannesburg, CII hopes to facilitate more cooperation by expanding its presence in other parts of the continent.

The conclave was attended by 450 international delegates from 37 countries including 32 ministerial delegations. fii-news.com