Making a strong pitch for attracting investment to their continent, African diplomats on Thursday said that the Make-in-India initiative could very well be utilised to boost trade between the two countries.
“Source raw materials from Africa, Make in India and sell in Africa” Ghana High Commissioner Samuel Panyin Yalley, said while speaking at the second of the Africa Seminar series being hosted by the CII. Keeping on a low key their individual country interests, the three diplomats – representing Ghana, South Africa and Tanzania – made a strong pitch for the African continent saying that the economy was now warning up and the 54 countries together could offer vast opportunities in raw material sourcing and product marketing. “Africa was the new frontier,” he said.
Importantly, Mr. Yalley felt that the challenges being faced by the respective African countries could actually become opportunities for prospective investors.
ADVERTISEMENT
Stefanus Botes, Economic Counsellor, South Africa High Commission said that Africa was now a huge market, which is projected to expand to $1.4 trillion by 2020 from $860 billion in 2008. There were 52 cities with a population of over one million.
He felt that there were investment opportunities in sectors such as agro processing, BPO services, and others.