: Continental Free Trade Area offers immense potential for Indian companies to invest in Africa: MEA Secretary #FinanceIndia #StockMarketNEWS Continental Free Trade Area offers immense potential for

@StockMarketNEWS Thu 04 Mar, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Continental Free Trade Area offers immense potential for Indian companies to invest in Africa: MEA Secretary #FinanceIndia #StockMarketNEWS
Continental Free Trade Area offers immense potential for Indian companies to invest in Africa: MEA Secretary New Delhi, Mar 2 (KNN) The Continental Free Trade Area (CFTA) signals a great opportunity for Indian businesses to partner with African counterparts to deepen their integration and accelerate their development, said Rahul Chhabra, Secretary-Economic Relations, Ministry of External Affairs.

Addressing the Inaugural programme of Namaskar Africa organized by FICCI, he said that Indian companies must take advantage of the enormous change that is taking place in Africa.

“We do not have a donor-recipient relationship with Africa but consider our partner countries as development partners. Out of 54 African countries we have Indian projects operating in 48 African countries with 75 projects worth 13 billion dollars, he said.

“This is the size of our commitment to the African Continent”, Chhabra added.

He further stated that many of the iconic projects in Africa, like the Parliament in the Gambia, the Presidential Palace of Ghana, are constructed by Indian companies.

“One-third of the power supply in Sudan and one-fourth of the power supply in Uganda comes from Indian power plants set up by Indian lines of credit,” said Chhabra.

Elaborating on strengthening the manufacturing capabilities in Africa he said that the first cement plant in Djibouti, the first milk processing plant in Mauritania and the first sugar plant in Ghana are the first steps towards developing a stronger partnership in the manufacturing sector by plants set up by Indian lines of credit.

“We want to be forward-looking and forward-thinking to see how the partner countries can benefit from our collaborations,” said the MEA Secretary.

He stressed the fact that India has provided medical assistance to over 25 African countries during the pandemic with the Vande Bharat flights carrying African patients to India even during the lockdown.

“Five air transport bubble arrangements are already in operation in Nigeria, Kenya, Ethiopia, Tanzania and Uganda to maintain air connectivity so that those activities keep continuing,” he said.

“Our Vaccine supplies have gone out to maximum African countries and many more are committed,” he said.

He also said that India is working with the partners and the supply of vaccines to other African countries will be rolled out shortly.

“We have kept our resources open and are waiting for approval from partner countries for a seamless movement of vaccine supplies,” he said.

HE Dr Daniel Peter Othol, The Dean of the African Group of Heads of Missions in India & Ambassador of South Sudan said the relationship between India and Africa must be augmented to the level that will benefit Africa.