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Sunday, October 20, 2013

IABC targets N31.9 tn investment by 2020

   Anthony Nwakaegho/NaijaAgroNet

Indian and African investments are targeting the sum of $200 billion, about N31,930 billion from bilateral trade by 2020, to consolidate on the relationship and also work out a plan for currency stabilisation.

These decisions were taken during the recent visit of Union Commerce and Industry Minister, Mr Anand Sharma to Johannesburg to attend the third India-Africa Trade Ministers and India-Africa Business Council (IABC) meeting in which plans to chart out a course of action for food security for its population, trade and economic cooperation in various sectors including infrastructure and energy were made.

NaijaAgroNet learnt that Sharma also took up with the African Trade Ministers the issue of food security and the urgent need to protect the livelihood of both urban and rural poor in the developing and least developed countries.

He explained that India-Africa trade has crossed $70 billion about N11,184,588,132,348.95 in 2012 and is expected to reach $100 billion about N15, 977,988,713,653.12 by 2015 and called for fast tracking the process on the proposed free trade pact with the 19-nation Common Market for Eastern and Southern Africa (COMESA).

“We are aiming at $200 billion about N 31,930,009,419,352.78 bilateral trade with the African nations by 2020 and strongly feel that this can be achieved without any difficulty,” Sharma said.

NaijaAgroNet  also got the hint that the WTO Bali round of negotiations, scheduled for December, formed part of the discussion, with India making it clear that it would not compromise on the livelihood of poor and marginalised sections covered under the Food Security Programme, even as members expect a successful outcome to ensure the continued credibility of WTO as an institution.

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