Local businesses urged to tap into Indian markets
Staff Writer | Tuesday April 4, 2017 15:42
Addressing the business community during a visit by an 18-member delegation from Engineering, Exports Promotion Council (EEPC) in India recently, High Commissioner, Ketan Shukla assured Botswana companies willing to do business with India of a lucrative market.
“India is an attractive hub for foreign investment in the manufacturing sector. Business conditions in the Indian manufacturing sector continue to remain positive. Manufacturing has emerged as one of the high growth sectors in India,” he said.
Further he said India is expected to become the fifth largest manufacturing country in the world by the end of the year 2020 adding that with the help of ‘Make in India’ drive, India is on the path of becoming the hub for hi-tech manufacturing.
Global giants such as GE, Siemens, HTC, Toshiba and Boeing have either set up or are in the process of setting up manufacturing plants in India, attracted by the country’s market of more than a billion consumers and increasing purchasing power.
Foreign direct investment inflows into India’s manufacturing sector grew by 82% year on year to U$16.13 billion between April and November 2016.
“India has become one of the most attractive destinations for investment in the manufacturing sector with some of the major investments in the past including Apple, Coca Cola, Panasonic Corporation, Pepsi, Huawei, Honda Motorcycle and Scooter, Isuzu Motors, Lenovo, just to mention a few,” Shukla said.
For his part, the assistant minister of Investment, Trade and Industry, Biggie Butale said Botswana and India need to strengthen their business relations, which date back to about 50 years.
Butale said India and Botswana have signed a number of bilateral agreements in several sectors such as education, agriculture and defence.
“A number of high level of visits have taken place between the two countries. There were a number of areas which were identified for enhancing bilateral cooperation between the two countries,” he said.
According to the assistant minister, a line of credit of U$20 million and grant in aid of 50 million Rupees each for health and education sectors were signed during a 2006 visit to India by former president Festus Mogae.
In Addition, Butale said in 2009, the first batch of 731 computers, and UPS worth P6.8 million were handed over to Botswana followed by another 732 on the second batch worth P5.2 million in 2012.
He said Botswana and India have also signed agreements in the field of Science and Technology, and Small and Medium Enterprises.
The 18-member delegation was from various companies dealing in machine tools and accessories, hospital furniture, furniture and medical equipment, all types of wire and cables, pumps, builder’s hardware, renewable energy equipment and technology.