India, East Africa set to tap joint business opportunities

Market News

India, East Africa set to tap joint business opportunities

Businesses in India and East Africa are set to collaborate in sectors such as cotton and textiles, IT, leather, oil meal, spices, medical equipment and coffee under a programme rolled out by the International Trade Centre (ITC).

“We are mapping the business opportunities with entrepreneurs in both countries following which other details, including financing of projects, will be worked out,” said Arancha Gonzalvez, Executive Director, ITC.

The Export Import (EXIM) Bank of India and industry body CII have partnered with ITC, a joint agency of the World Trade Organisation and the United Nations for enhancing trading capacities of developing countries to identify potential trade partners from India and finance the ventures.

India’s exports to East African countries in 2013-14 were US$ 10 billion, over 3% of its total exports, while imports stood at only US$ 1 billion (0.23% cent of total imports).