Home / Knowledge / News / Textiles / Textile & other clusters will increase India-Africa trade
Textile & other clusters will increase India-Africa trade
19
Mar '12
The Union Minister of Commerce, Industry and Textiles of India, Sh. Anand Sharma, and the African Trade and Industry Ministers met in New Delhi for the 2nd meeting of the India-Africa Trade Ministers. The Meeting was co-chaired by Hon'ble Dr. Maxwell M. Mkwezalamba, Commissioner for Economic Affairs, African Union Commission, and Sh. Anand Sharma.

During the meeting, the Ministers launched the India-Africa Business Council (IABC). The IABC is co-chaired by Mr. Sunil Bharti Mittal, Chairman, Bharti Group from India side and Mr. Alhaji Aliko Dangote, GCON, President, Chief Executive, Dangote Group, Nigeria from African side.

The Council will suggest the way forward on enhancing economic and commercial relations between India and Africa and also identify and address issues which hinder growth of economic partnership between India and Africa.

The core sectors of cooperation which will be explored by IABC are Agriculture, including Agro-processing, Manufacturing, Pharmaceuticals, Textiles, Mining, Petroleum & Natural Gas, Information Technology and Information Technology Enabled Services, Gems and Jewellery, Banking, Financial Services (including microfinance), Energy, Core Infrastructure including Roads and Railways. The Council met later in the day.

During the meeting, the Cotton Technical Assistance Programme in the C-4 countries (Burkina Faso, Benin, Chad, and Mali), Malawi, Nigeria and Uganda were also launched. The Technical Assistance Programme in the cotton sector is an initiative of the Government of India under the umbrella of the 'India-Africa Forum Summit' towards helping the above-mentioned cotton growing countries of Africa to build capacity, technical expertise and thereby competitiveness in the field. IL&FS Cluster Development Initiative Limited is the Project Management Agency for implementing the Project.

During the meeting, the Indian and African Ministers set the target of India-Africa bilateral trade as US $ 90 bn by 2015. In the year 2011, India-Africa bilateral trade has reached US $ 60 bn.

The Ministers agreed on the need to strengthen the trade relationship between the two sides through, inter-alia, the building of trade-related capacity and the conclusion of trade cooperation agreements between India and African Regional Economic Communities (RECs) / countries. “Our leaders had set a target of US$ 70 billion by 2015 but we can note with satisfaction that last year we crossed US$ 60 billion.

A 20-fold growth within a decade is indeed an achievement worth applauding. I propose that given the current growth rate, we may agree to revise the trade target to US$ 90 billion by 2015,” said Shri Sharma.

Must ReadView All

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Information Technology | On 21st Feb 2017

ThreadSol launches IntelloBuy & IntelloCut in Vietnam

ThreadSol, the pioneer of enterprise material management for sewn...

Textiles | On 21st Feb 2017

GST to reduce documentation for logistics firms: CBRE

The Goods and Services Tax (GST) is likely to result in a reduction...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search