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Business News of Tuesday, 15 March 2016

Source: Graphic.com.gh

Africa must shift trade focus to India - Veep


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The Vice-President, Mr Kwesi Amissah-Arthur, has underscored the need for a paradigm shift in Africa’s trade from the West to India, which better appreciates the structure of African economies.

He intimated that India would be more responsive to Africa’s quest to create a stable economy, as well as the security required to eliminate the short-term volatility and long-term uncertainty with respect to dealing with trade blocs.

Mr Amissah-Arthur was addressing delegates at the opening ceremony of the 11th Confederation of Indian Industries (CII)-EXIM Bank Conclave on India-Africa Project Partnership in New Delhi, India, Monday.

The two-day event, which is on the theme: “Reinvigorating Partnerships, Strengthening Ties”, has 34 African countries, with a total of 400 business delegations, attending.

Accompanying dignitaries

The Minister of Trade and Industry, Dr Ekwow Spio-Garbrah; a Deputy Minister of Education, Mr Samuel Okudzeto-Ablakwa; a Deputy Minister of Food and Agriculture, Dr Hanna Louisa Bissiw, and a Deputy Minister of Water Resources, Works and Housing, Mr Samuel Adusei, accompanied the Vice-President, who was the guest of honour.

Also at the conclave is the President of the Association of Ghana Industries (AGI), Mr James Asare-Adjei, who led the Ghanaian business delegation.

Indian investments in Ghana

Touching on Ghana’s trade with India, the Vice-President said trade between the two countries had increased with respect to investments in agriculture, agro-processing, building and construction, manufacturing and services.

Putting the total direct foreign investment with India in the last decade at $1.09 billion, he said India was second in terms of the number of investment projects registered by the Ghana Investments Promotion Centre (GIPC).

On technical co-operation, Mr Amissah-Arthur touched on the contribution India had made to Ghana’s human resource capacity building, including India’s support for the establishment of the Ghana-India Kofi Annan ICT Centre of Excellence.

Call to African leaders

While applauding India’s contribution to Africa’s development, he urged African states not to fail to recognise the need for encouraging concurrent mobilisation of domestic savings for the investments that were needed to create the required jobs.

“It is crucial that we develop strong linkages in the domestic economy that will help minimise the negative shocks transmitted to our economies through developments in economies to which we are closely associated,” he added.

Earlier in his remarks, the Chairman and Managing Director of the EXIM Bank of India, Mr Yaduvendra Mathur, said bilateral trade between India and Ghana in the last few years stood at $90 billion.

He stated that the bank was shifting focus from just value trade to investment-led trade.

The Vice-President of the South Sudan, James Wani Igga, also in an address, pledged his country’s commitment to deepen trade ties with India.

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