African nations invite Indian investors

AMRITSAR: African nations today invited Indian investors, saying that there are immense opportunities in mining, energy, agriculture and infrastructure sectors.

Vicente Paulo c. Chihale, Economic and Commercial Counsellor, Republic of Mozambique said, "Mining, energy, infrastructure, agriculture are the main investment opportunities in the Republic of Mozambique."

He was interacting with the industry members during a Seminar on 'Business Opportunities in Africa' organised by PHD Chamber here as part of its efforts to increase bilateral trade and investments between Africa and India.

Stating that Mozambique looks forward to become a strategic partner with India, Chihale said,"agro ecological conditions, strong market dynamics, enabling environment for investments and most importantly, the government commitment to market-driven growth makes Mozambique a perfect investment destination."

"Low cost of land and exemption on equipment importation duties are other advantages," he said.

"Direction of exports is moving towards Southern countries, particularly Asia and Africa," said Pushpesh Tyagi, representing EXIM Bank.

Tyagi said Exim Bank is giving special emphasis on extension of Lines of Credit (LOCs) as an effective market entry mechanism to regional development banks and economically strong developing countries.

The LOCs were being extended to developing countries in Africa, Asia, Latin America with a long-term perspective, he said.

Speaking on the trade and investment opportunities available in Namibia, Jakova Katuamba, Head of Trade Mission, High Commission of the Republic of Namibia, said, "Apart from business friendly environment, government of Namibia offers various incentives to make business proposition very attractive Namibia.

In 1996, he said, the Namibia government established the Export Processing Zone (EPZ) regime with an aim to attract investment into the country.

EPZ companies operate in a totally tax-free environment, which are for an indefinite period. Moreover, EPZ companies can be located anywhere in Namibia, he said.

"There has been a tremendous growth in demand from African countries. Kenya, Uganda, Tanzania, Eritrea, Ethiopia, Senegal, Nigeria, South Africa, Zimbabwe, Zambia, Mozambique, Burkina Faso and Congo have emerged as new markets," said R S Sachdeva, Co-Chairman, Punjab Committee, PHD Chamber.

Dalip Sharma, Regional Director, PHD Chamber said while the export to Africa has grown two fold between 2004-05 and 2009-10, the Imports from the region have grown six-fold.