Ghana, Cote d'Ivoire, Namibia seek Indian investment

Ghana, Cote d'Ivoire and Namibia sought more Indian investments during President Pranab Mukherjee’s visit.

The Dollar Business Bureau

Urging India to tap the full potential of bilateral trade and economic relations, Ghana, Cote d'Ivoire and Namibia sought more Indian investments during President Pranab Mukherjee’s visit to these nations.

Mukherjee, in turn, assured them that Indian public and private sector companies were enthusiastic about the opportunities in their respective countries too. He advised them to create a conducive environment for investment and start a dialogue with the Indian industry.

 The President concluded his six-day (June 12-18) visit to Ghana, Cote d’Ivoire and Namibia on Friday. His visits to Ghana and Cote d'Ivoire were the first by an Indian President, and his visit to Namibia was only the second.  

“These visits reflect the importance that India attaches to enhancing our bilateral relations with these important countries of Africa. They also indicate our determination to provide fresh momentum to India's engagement with Africa in follow up to the successful organization of the Third India-Africa Forum Summit (IAFS-III) in New Delhi in October, 2015,” said Mukherjee, upon his return.

India has of late given a special consideration to its bilateral and economic relations with Africa. In the IAFS-III last year, India had announced a $10 billion additional concessional lines of credit (LoC), $ 600 million grant assistance and enhanced ITEC and ICCR scholarships. He asked the three African nations to take the maxim advantage of these extended financial assistance.

India’s bilateral trade with Ghana stood at over $1.62 billion in 2015-16. The two leaders stressed that the current level of bilaterally trade didn’t reflect the true potential, and they agreed to enhance it to $5 billion by 2020.

In Cote d'Ivoire, Tata Motors and SUTRA as well as CII and CEPICI signed agreements to supply 500 buses to the country.  India has so far extended LoC amounting to $136.2 million in various fields including agriculture processing, fisheries, rural electrification and transmission and transport. The two countries also envisaged to double current bilateral trade to $2 billion by 2020. 

In Namibia, President discussed with the Namibian leadership the possibilities of forming synergies across defence, energy, IT and minerals sector. The President raised the issue of Uranium supply to India. He was assured that Namibia would explore options to supply the same.

The Dollar Business Bureau - Jun 18, 2016 12:00 IST