Import-export News

FIEO delegation explore business opportunities in Africa

KOCHI: A high level 37 member FIEO business delegation led by Israr Ahmed, regional chairman, FIEO southern region will be visiting Nairobi and Addis Ababa from November 17 to 22 to explore business opportunities in agriculture, machinery and food processing sector.

The programme is organised with the support of International Trade Centre (ITC) Geneva.

FIEO is taking the delegation in the background of building on the momentum of the newly ratified African Continental Free Trade Area. This single market in development hosts 1.2 billion people with an aggregate GDP of over $2 trillion, and expected to open up new business opportunities for India.

The product profile of FIEO delegation comprises agricultural including fruits, vegetables, meat, cereals, dairy, tea, coffee, spices as well as agri-processing technologiesNSE -0.71 %, machinery and packaging solutions. The business delegation also aims at providing cutting-edge machinery for food processing, storage and packaging solutions for a variety of agricultural products to Africa.

At a time when trade tensions and escalating, protectionism are undermining the rules based multilateral system, by initiating this delegation, FIEO intend to help in diversification of trade to unexplored African countries, ‘’ Ahmed said.

Trade between Africa and India has increased more than eight-fold from $7.2 billion in 2001 to $62.5 billion in 2018, making India Africa’s fourth-largest national trading partner, accounting for more than 6.4 percent of total African trade in 2018, up from 2.7 percent in 2001.

Source: Economictimes