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Indian firms to seek business synergies in Ghana

The Economic Times:  July 09, 2012

Mumbai: Food processing companies and allied firms have all geared up to make a new partnership in Ghana, the new business partner in West Africa. More than 100 companies including health, IT, ITES, telecom & financial services, value added manufacturing including mining and minerals, energy, infrastructure, construction, consumer durables, pharmaceuticals, science & technology, textiles and education are expected to seek business opportunities in their three-day visit in India show to Accra, a major city of Ghana from July 9.

Led by Vikramjit Singh Sahney, Chairman and CEO of Sun Group, the FICCI business delegation will be participating in this show to promote Indian business strength in West Africa.

India's trade with Africa has risen from US$ 25 billion in 2006-07 to US$ 53.3 billion in 2010-11. India's exports to Africa have risen from US$ 10.3 billion in 2006-07 to US$ 20.9 billion in 2010-11, primarily due to increase in exports of transport equipment and petroleum products.

India has signed trade agreements with almost all West African countries but the volume of trade and investments between India and these countries remains relatively modest. The reasons are lack of infrastructure facilities and other trade amenities, which have limited India's trade to basic commodities. The language barrier is another contributing factor.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.