The authorities of the African countries have recently expressed a huge interest on the Indian companies investments in that continent. The continent is rich in mineral resources and they are in fact inviting the Indian companies for setting up some processing plants in Africa, provided they are interested in exploiting the continents natural resources.
The Minister Of Commerce, Trade And Industry of Zambia, Mr. Felix Mutati was expressing his views about the issue and said, "We want Indian companies to set up factories where raw material can be processed to manufacture the end product. We are keen to stop huge exports of raw materials from Africa. He said that they are currently exporting over 80% of raw materials mined in Africa, for being processed in the other countries.
The market analysts have identified the continent of Africa as the next global investment destination, and the countries of that continent are also keen that the companies that are bidding for licenses to mine for minerals, establish some infrastructure projects like transport and electricity in Africa, as well. In the words of Mr. Mutati, "We want as much investment as possible from India, and we are looking for major projects, not corner store investments". The JV company between the Oil and Natural Gas Corporation (ONGC) and steel baron, Mr. L N Mittal, named the ONGC Mittal has already committed that it is going to invest close to $5 billion in road, rail and pipeline infrastructure in Nigeria soon.
Pointing about that project, Mr. Mutati said, "The whole of Africa is looking for similar packages". He added that Africa was also looking for setting up some new industries and to strengthen infrastructure like two major bottlenecks in the economic growth of the African countries, soon. The Director General of the National Agency for the Promotion of Investments in Congo, Mr. Bwabwa Wa Kayembe was also talking about the matter and said, "Africa is rich in natural resources, and it is looking for partnerships to tap these resources. Africa wants to generate employment and reduce poverty".
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| Posted : 3/21/2008 |
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