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With the help of the government, Indian industry is implementing a strategy to compete with China and European countries for capturing markets in growing African economies, particularly in East Africa.
As part of the game plan, Commerce and Industry Minister Anand Sharma is in Nairobi leading a 187 company business delegation.
Sharma will be addressing a meeting of the India-Kenya Joint Trade Committee, according to a Commerce Ministry statement here. While India has bilateral trade of USD 30 billion (2009- 10) with Africa, business with East African nations, mainly Kenya, Rwanda, Seychelles, Ethiopia and Uganda, amounts to just USD 4 billion.
India has many commercial rivals in the region, particularly European countries like UK and China... The Chinese companies, which are government-owned have far more capital for investment than the Indian private owned companies.
India is trying to counter the commercial threat from China and European nations by offering lines of credit to African firms.
With a ten year growth at the rate of 5.4 per cent, the economic outlook for Africa is improving. For the first time in over three decades, a large number of African countries have begun to show sustained economic growth at the rates that are similar to the rest of the developing world and exceed that of most of the developed countries.
Healthcare/pharmaceuticals, power, construction, information technology, roads and railways and minerals are the areas of opportunity.
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