Need for action plan to boost trade with Africa, says Ficci study

New Delhi, July 31 | Updated: Aug 1 2005, 06:25am hrs
Pharmaceuticals and health, IT, water management, food processing and education sectors are crucial to the growth of Indias trade with Africa, according to a study carried out by Federation of Indian Chambers of Commerce and Industry (Ficci).

The Ficci study on Destination AfricaIndias Vision recommends the formulation of an action plan to cash in on the exporting opportunities offered by the top 8 destinations in Africa, including Nigeria, South Africa, Kenya, Mauritius, Ghana, Tanzania, Algeria and Sudan, which expect a GDP growth of 5.4% in 2005. Improved political and economic stability, vast oil and gas reserves, and the ongoing restructuring of the economies make these nations potential business destinations.

Emphasising the need for concrete steps by the government to give a fillip to the India-Africa trade, the Ficci study has suggested that Indian banks should look at setting up networks in countries like Algeria, Ghana, Mauritius and Sudan.