Brand India’ is a trusted name today across the developing as well as the developed world said Shri Pranab Mukherjee, The President of India, while addressing a Business Forum organized by the Confederation of Indian Industry (CII), the Association of Ghana Industries (AGI) in association with Embassy of India in Accra during his State Visit to Republic of Ghana.
While elaborating on the subject he added that “Brand India” is trusted because it adds value to the resources of the host countries; it is welcomed because it works and grows together with the local companies; it brings appropriate technologies which create jobs and has the adaptability to absorb local talent; it rejuvenates and invigorates local industry without constraining their growth in any way.
Speaking on the occasion, the President said the Government of India has been extending assistance to Ghana through grants and Lines of Credit. However, he felt the bilateral economic cooperation need to be extended further – beyond government-funded projects. With the active involvement of Government of Ghana viable projects could be identified for the Indian private sector to invest in, opined The President. If a conducive environment is facilitated, the Indian Government would be ready to work with Ghana in key sectors and areas of common interest and encourage Indian private as well as public entrepreneurs to bring more investments into Ghana, he added.
Mr Mukherjee said the Indian multi-national companies are active and successful in several countries in Africa and would be happy to come to Ghana, which offers peaceful, secure and stable which is a critical requirement for any investor. The Indian private sector is equipped with funding capacity as well as appropriate technologies and are ready to work with their Ghanaian counterparts as partners for mutual benefit, he added. He informed that during his meeting with President Mahama, they have set a target of reaching a bilateral trade figure of US$ 5 billion between India and Ghana by 2020.
Ms Hannah Tettah, Minister of Foreign Affairs of Ghana in her address said that Ghana is looking for investment in sectors like Power, Infrastructure, Food Processing, IT amongst others. She stressed on the need to attract investment through equity as against debt. She called upon the Indian businesses to use Ghana as their base to do business across West Africa.
Mr S Paramasivan, Member, CII Africa Committee and Deputy Managing Director, Afcons Infrastructure Ltd in his address mentioned that the India – Ghana trade has been witnessing rapid growth and has almost doubled over the past year from US$ 1.94 billion in 2014 -15 to US$ 3.6 billion in 2015 – 16. Despite this impressive growth, there is still immense scope to widen the trade basket between India and Ghana and greater efforts can be taken to promote awareness of each other’s capabilities, he added.
The CII has taken a 20 member business delegation to Ghana coinciding with the maiden visit of Indian President to the country. The delegated consisted of leading Indian companies representing sectors like construction, manufacturing, ICT, agricultural machinery, electrical equipment, chemicals, etc.