WTC Mumbai organized the forth series of ‘Global Market Access Programme’, a unique programme which aims at enabling exporters to expand and consolidate their presence in specific global markets, on AFRICAN markets on 23rd October 2019. India’s partnership with Africa based on a consultative model of cooperation, witnessed an increase in bilateral trade of nearly 22%. India-Africa trade has touched $ 62.66 billion for 2017-18. The top six exporters from Africa, viz., Nigeria, South Africa, Angola, Egypt, Algeria, and Morocco account for 89% of total African exports to India. The top exporting destinations for Indian products in African countries are: South Africa, Nigeria, Egypt, Kenya, Tanzania, Mauritius and Mozambique.
Dr. Sunil Modi, President, India –Africa Alliance as well International Market expert, having over four decades of experience of the African markets, was the main facilitator for the session. He started with the session by portraying the importance of Africa region as it is the cradle of humanity and most of Africa is experiencing moderate to healthy economic growth rates, which is fuelling the growth of its middle class and demand for more goods. Africa's collective GDP is expected to touch USD 3.6 trillion in 2020. Middle class, already expected to be bigger than India's, continues to boost consumption, construction and private investment. Combined consumer spending in Africa, which was USD 860 billion in 2008, is expected to touch 1.4 trillion in 2020. He further explained the continent which consists of 54 Countries having a population of more than 1 Billion with 2,000 Languages 3,000 Tribal Group & 46 Main Tribes, ranks 17th in the Economic of World. A fast developing continent is today’s every countries gateway to invest, to trade, to live, to develop in commercial terms. Globalization is taking place on a big scale in Africa Continent. Indian Multinationals are paying attention to Africa Continent for their Business. He further went into the details of top ten countries in Africa for trade and business.
Two specific case studies of the African markets, namely South Africa and Ethiopia were discussed in the programme.
Ms. Lerato Mashile, Acting Consulate of the Republic of South Africa along with Mr. Rajan Kumar, Advisor, Business and Development made a brief presentation of South African market. South Africa is Africa’s most industrialised economy and is the region’s principal manufacturing hub and a leading services destination. It is one of the most open economies in the world (ratio of exports and imports to GDP exceeds 58%). South Africa’s access to global markets is enhanced by its trade agreements. South Africa offers a unique combination of first world infrastructure and logistics networks and a diversified emerging market economy offering low sectoral concentration risks. It provides an environment for safe investment destination offering solid returns. South Africa has produced solid financial returns for portfolio investors. It has a young population, as 66% are under the age of 35, presents major opportunities for investors. They also explained the Key sectors: Agriculture and agro-processing, Mining and minerals beneficiation, Manufacturing, Services, and Infrastructure. They also highlighted the sectors which have opportunities such as: Forestry and wood processing, Consumer goods, Banking sector/financial services, Information, communication and telecommunications.
Mr. Demeke Atnafu Ambulo, Consul General, Consulate General of the Federal Democratic Republic of Ethiopia made an interesting presentation on Ethiopia specifying the trade and investment opportunities. Ethiopia is the oldest independent country in Africa, and is among the most stable countries in the region having an average of 11% annual GDP growth for the last 14 years. The growth of FDI inflow into Ethiopia-making the country the second largest recipient of FDI in Africa. He further given details of the investment opportunities in the priority sectors like, Leather and Leather Products, Textile and Garments, Pharmaceutical Industry, Chemicals and Chemical Products Industry, Paper and Paper Products Manufacturing, Non-Metallic Mineral Products Industry, Building materials, Agriculture Sector,Information and communication Technology (ICT), Tourism Sector, Mining Sector, Energy Sector, Water Sector.
Each session was very interactive and all the queries of the participants were answered by the speakers.