Destination Africa, it is going to be for India Inc. Indian companies are making a beeline for the Continent that is home to 888 million of the world population, but accounts for only 2.2 % of world GDP by 2006 IMF data.
In all, 151 projects, worth $10.5 billion, could be signed at the CII-organised 4th India-Africa conclave that began here on Wednesday. The conclave is attended by 450 delegates from over 32 African countries.
Tarun Das, chief mentor of CII, told FE, ?There is a new-found synergy between India and Africa. India is interested in partnering Africa to share its development experience, as the African nations march towards progress.? He feels sectors like manpower development, energy efficiency, water management, renewable energy and the cluster approach for making SMEs competitive will be of interest to Indian industry at the conclave. Shipra Tripathi, head of CII Africa Desk, told FE that the aim was to have a mini-Africa here for Indians to interact, establish ties and do business with. The focus areas for Indian Industry are technology, human resources development, including training African personnel, agriculture and energy.
The Indian interest comes pretty close on the heels of China?s robust foray into Africa. China, according to media reports, has invested $ 1.2 billion by the end of 2006. A large part of this was project related aid to African countries. Syamal Gupta, chairman , CII Africa committee and chairman of Tata International, said Africa was a great investment opportunity.
Tata Group is present in Africa since 1976 in transport, IT, hotels, mining and telecom. ?Africa is a success story waiting to happen.? said Sanjay Kirloskar, co-chairman of the CII Africa Committee and CMD of Kirloskar Brothers.