West Africa to gain from Indian foregin direct investment

Discussion in 'Foreign Relations' started by ejazr, Jul 9, 2012.

  1. ejazr

    ejazr Stars and Ambassadors Stars and Ambassadors

    Oct 8, 2009
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    Hyderabad and Sydney
    West Africa to gain from Indian foregin direct investment

    Renewed partnership between the Economic Community of West African States (ECOWAS) and India is expected to attract much needed foreign direct investment (FDI) into the West African sub-region and create fresh business opportunities for the mutual benefit of both sides.
    This, according to Adrienne Diop, ECOWAS commissioner for gender and human development, is a central thrust to the India Show which kicks off this Monday in Accra, organized by the Federation of Indian Chambers of Commerce and Industry in partnership with the ECOWAS Commission and Chambers of Commerce and Industry from across West Africa.

    Diop said, “Over 300 participants are expected from India and across the region. We believe strengthening our south-south cooperation in the area of trade is a crucial way to speed up development and create jobs.

    It is very important to remind ourselves of the very laudable advances they (India) have made so that we can benefit from their strides.

    “India has both the characteristics of a developing and developed world. They have solved problems which ECOWAS is still striving with. India is thus a perfect partner for West Africa and Africa. We hope to further this partnership with this show. There would be side business meetings; we hope that contracts would be signed,” she adds.

    Various public and private enterprises from India would be showcasing their very best in exhibitions and throughout the three day event. the ECOWAS Commission is also expected to show case some of the best of its projects in the sectors of power, herbal medicine, ICT towards projecting the integration strides if the sub region.

    Director for Private Sector of ECOWAS, Alfred Braimah notes that unlocking the huge potential of India for the benefit of West Africa was central to ECOWAS agreeing to enter his partnership.

    “Partnership is all about a collective drive to deliver a collective goal. We are ready and the ECOWAS commission is mobilizing a number of key private sector operators to Accra to basically make this workshop a success.”

    The commission would also be sponsoring key figures, taking part charge of logistics and mobilizing joint projects to show case to participants," Braimah informs.

    The key sessions of the ‘India Show’ includes side business meetings, India-West Africa Business Partnership Forum, cultural extravaganza, and a food festival.

    Representing the India side, Ram Prasad, Head of Chancery for the Indian Commission in Nigeria called ECOWAS partnership as an endorsement of the synergy which the South-south cooperation represents.

    “With the unfolding of the new economic global landscape, West Africa has great promise for the future. West Africa growth potential would create great opportunities in mining, telecom and many other sectors. The India show would offer opportunities to look for new business opportunities,” Prasad said.

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