Africa Perspectives On Deepening Investment Cooperation With India

 

The High Commission of the United Republic of Tanzania was among the six African Diplomatic Missions in New Delhi which had the opportunity to present their views on “African perspectives on deepening investment cooperation with India” during “the Capacity Building Workshop for African Investment Agencies” which was organised by Invest India and took place at the Teri Retreat – Gurgaon, State of Haryana on Monday, 21st January, 2013.

Other Diplomatic Missions in presence were the High Commission of the Republic of Ethiopia, the High Commission of the Republic of Uganda, the High Commission of the Republic of Botswana, the High Commission of the Republic of Seychelles and the Embassy of Tunisia.

In their collective remarks, the Africa Missions highly commended Invest India, the Indian Ministry of Commerce and the entire Government of India for the well organised Workshop [Capacity Building Workshop for African Investment Agencies] which is specially designed to empower African countries with the proper and competent knowledge and skills which will consequently contribute to the growth of investment in the continent. They also greatly acknowledged and saluted the determined efforts as well as inestimable generosity of the people and the Government of India in supporting various fields of development activities in Africa.

Similarly, the African Missions appealed to the African Investment Officials from the15 African Countries who are attending the [five days] course to sincerely honour and appreciate the opportunity specifically accorded to them and their respective countries [by the Government of India] by engaging themselves in very active and professional deliberations and participation.

Moreover, while contributing to the subject [African perspectives on deepening investment cooperation with India] the African Missions established that despite the various natural and artificial challenges, African economy has been growing very well, which ultimately enables the Continent to play its vital role as an active world player.  Nevertheless, in the context of Indo-Africa cooperation, the African Missions suggested several steps to be taken by both sides [India & Africa] in a bid to enhance the dynamism and performance of Africa’s economy in the world arena. These are:

- Investment in Infrastructure especially, roads, railways, airways should be given high priority in order to stimulate and enhance intra-Africa trade activities as well as fortify Indo-Africa economic cooperation. India should assist Africa to improve its infrastructure.

- India should assist Africa in contracting serious Indian Investors in Agriculture and its associated sectors in order to adequately address the problem of food security, extreme poverty, and unemployment as well as to boost up the Continent GDP.

- India should review the existing bureaucratic nature of allocation and remittance of LoC to African countries in order to expedite the process which will in turn enable timely accomplishment of the intended projects. India also should consider the concession and transmission of LoC to African Development Bank - ADB [to assist ADB to fund big projects in Africa].

- India should share with Africa its knowledge, experience and know how on EPZ and SEZ, as well as should assist the Continent in mobilizing serious Investors from India in this area.

- India should advise and assist Africa to get serious Indian investors [not gold Diggers].

- India should deliberately take serious measures to improve efficiency in the implementation of Duty Free and Tariff Preference – DFTP” scheme offered by the Government of India for specific commodities imported from Developing countries, Africa in particular, in order for the continent to access the Indian market.  India should also consider allowing in exportable services from Africa.

- India should reflect on initiating frequent high level visits to Africa [accompanied by Investors]. India should also assist in the establishment of various Centres of Excellency in Africa where productive courses such as “Capacity Building Workshop for African Investment Agencies” could be easily conducted.

- India should consider initiating specific arrangement [within Indo-Africa cooperation] of cooperation with small islands such as Seychelles.