African countries seek investments from India

African countries, including Senegal, are seeking investments from India on a large scale, Senegal’s Ambassador to India Amadou Bocoum said in Mysore yesterday.

Addressing the Mysore Chamber of Commerce and Industry, he said, “We are looking for investments in all areas. We are looking at opportunities and are offer-ing substantial support. You have one of the biggest Indian communities living in Africa. But, the opportu-nity is not being used for making investments. Africa is a huge market with large opportunities.”

A major phosphate expo-rter to India, 80 per cent of which goes to Gujarat alone. The country, with a population of 12-million, has agri-busi-ness, fishing, mining and geology, tourism, textiles and new technology among its priority sectors.

Its imports are petroleum products, capital goods, cereals and food products, and intermediate goods. Its exports include peanut products, fish products, phosphates, fertiliser, cotton by weight, phosphoric acid, salt and cement.

Iron ore reserves are estimated at 350 million tonnes with recoverable iron of 63 per cent, one of the largest in Africa. World’s leading steel industrialist Laxmi Mittal had taken over the mines which are yet to be exploited due to the present global situation. Similarly, it had lignite resources, oil and gas offshore, Amadou said.

The entire bus operation system was in the hands of the Tatas with an assembly plant set up last year in Senegal. However, China was gradually catching up with India.

During the past five years, he said, relations between India and Senegal had witnessed remarkable progress. Trade between India and West Africa tripled. Exports from Senegal accounted for 5.5 per cent in 2006-07 and India was the top partner with total trade at $250 million.

In the last two years, major investments had come from IFFCO ($150 million) and Laxmi Mittal ($2.4 billion).

The finalisation of negotiations leading to the majority holding of IFFCO in the capitalisation of industries, Chimiques du Senegal (ICS), gave the firm a lifeline and is considered an achievement on the bilateral side.

India had set up a Pan-African e-network hub in Senegal, enabling 53 African States to have access to tele-medicine and tele-education and to establish direct intercommunication between African heads of state. Senegal had obtained $150 million credit for the revival of agriculture, poverty alleviation, small equipment for women, IT, rural electrification and others. It also received a $7.5 million grant, the ambassador said.India had signed an agr-eement last year for the promotion and protection of investments and avoidance of double taxation between the two countries, Amadou Bocoum added.Chamber president R Krishna said, India and Africa are playing a special role in the global scenario. Senegal offered endless opportunities for Indian entrepreneurs, who can also explore its huge market. “As India had not reali-sed the potential of Africa, China had taken advantage of the same. Nevertheless, it was not too late to investment in the African countries,” he said.