<div>There’s a huge potential for the Indian industry to invest in Africa, especially in infrastructure, food-processing, energy and healthcare sectors, said African industry leaders at the 3rd meeting of India Africa Business Council (IABC) meeting in the capital on Friday (October 23).</div><div> </div><div>This was a precursor to the India Africa Forum summit 2015 to be held in the capital from Oct 26 to Oct 29.</div><div> </div><div>“Africa holds immense potential (for the Indian industry). As the African countries go about the integration process, there’s scope for investment in infrastructure, food-processing, healthcare and energy sectors,” said Mike Bimha, Zimbabwe’s deputy minister of industry and commerce, who led the African delegation.</div><div> </div><div>As many as 37 African CEOs and 31 Indian CEOs attended the IABC meeting. The meeting was attended by leading industry members and institutional representatives from India and 17 countries of Africa.</div><div> </div><div>“The council discussed core sectors namely infrastructure, agriculture and healthcare. In infrastructure, Africa needs investment in holistic projects, which includes training, capacity building for the sustainability of the project. The Indian PPP experience can be emulated in the sector. On Agriculture, the Council recommended that the two regions should promote joint ventures to harness the potential in the agriculture sector in Africa. On healthcare, the council emphasized that there is an opportunity for capacity building and talent creation in healthcare,” said a joint statement adopted at the IABC meeting.</div><div> </div><div>Bimha also said that on the WTO and related issues, India and Africa “were on the same page”.</div><div> </div><div>Union Minister of State (independent charge) for Commerce and Industry Nirmala Sitharaman said that they had not earmarked any target for India Africa trade over a period, say, of next five years, but the “possibilities were immense”.</div><div> </div><div>Infrastructure, agriculture, energy, HRD and healthcare were the areas in which there can be immediate cooperation and investments in India, she added.</div><div> </div><div>According to a 2012 estimate, India’s bilateral trade with Africa will reach the $ 100 billion mark by 2015.</div><div> </div><div>There are, however, apprehensions as well regarding Indian investment in Africa. For one, political stability is an issue. To this Secretary Amitabh Kant said that both the sides should take a long-term perspective of the investments to be made in Africa.</div><div> </div><div>Then there are sector-specific laws, which at times are a dampener. To which the acting co-chair, IABC, India, Rajan Bharti Mittal, said that any business, investing in Africa, would like to have a majority stake, considering the long-term gestation period.</div><div> </div><div>The African side also pointed out that the Indian companies could consider outsourcing their businesses to Africa, because “they have a highly skilled, untapped, workforce”. Africa also provided huge tourism potential but poor connectivity from India was an issue.</div>
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