FICCI Business Digest | 31 December 2012
FICCI President leads industry mission to Ethiopia, addresses COMESA Business Forum
R V Kanoria, President, FICCI, led a delegation of Indian industry members to Addis Ababa on November 19-20, 2012, to meet Hailemariam Desalegn, Prime Minister of Ethiopia and other senior dignitaries including the Minister of Agriculture, Minister of Trade and Industry and Deputy Chairperson of the African Union. This visit reposed Indian industry's confidence in Ethiopia and reaffirmed India's commitment to support the economic development and cooperation between India and Ethiopia.
The mission urged the Ethiopian Prime Minister to initiate steps for early finalisation of the Bilateral Investment Protection Agreement (BIPA) and Double Taxation Avoidance Agreement (DTA).
Kanoria during the business leaders' meeting with the Prime Minister complimented Desalegn on the smooth transition of political leadership after the demise of the former Prime Minister. He conveyed the Indian business community's commitment to the economic development of Ethiopia.
The delegation consisted of senior business leaders from Indian companies such as Sai Ramakrishna Karuturi of Karuturi Global Ltd.; K Malhotra of CHL Ltd.; Arvind Sharma of Anmol Group of Industries; Kaliappan Raghav of Crane Global; O P Patil of Nirmal Seeds; Ashish Gupta of Samsara Group and Rajiv Kumar of Escorts Ltd. to name a few.
FICCI's President said that the political and economic stability, zero tolerance for corruption, and pro-active economic reforms had attracted Indian investors including his company to Ethiopia to use it as a manufacturing base to enter Africa. However, logistics constraints, delay in land allocation and other bureaucratic impediments acted as speed breakers to the momentum of investment inflow.
Responding to the Indian business leaders, the Ethiopian Prime Minister said that India was among the most favoured economic partners for his country and proposed to raise investments from India to the tune of US$ 10 billion by 2015. He assured that Ethiopia had faith in India's commitment to economic development of his country.
The FICCI delegation also called on Ato Mekonnen, Minister of Industry and Ato Tefera Derbew, Minister of Agriculture, to discuss the various challenges faced by the Indian industry.
On November 21, 2012, at Kampala, Uganda, Kanoria also addressed the 8th COMESA Business Forum which witnessed the participation of more than 500 African delegates. The forum was held alongside the 16th COMESA Summit and provided a platform to private sector players to meet and interact with key policy makers from COMESA countries.
The COMESA Business Forum is an Annual Public Private Dialogue and Business Partnerships Forum that brings together Africa's top business leaders, international businesses and regional policy makers to engage on common agendas that support business interests in COMESA region.
FICCI President leads industry mission to Ethiopia, addresses COMESA Business Forum
R V Kanoria, President, FICCI, led a delegation of Indian industry members to Addis Ababa on November 19-20, 2012, to meet Hailemariam Desalegn, Prime Minister of Ethiopia and other senior dignitaries including the Minister of Agriculture, Minister of Trade and Industry and Deputy Chairperson of the African Union. This visit reposed Indian industry's confidence in Ethiopia and reaffirmed India's commitment to support the economic development and cooperation between India and Ethiopia.
The mission urged the Ethiopian Prime Minister to initiate steps for early finalisation of the Bilateral Investment Protection Agreement (BIPA) and Double Taxation Avoidance Agreement (DTA).
Kanoria during the business leaders' meeting with the Prime Minister complimented Desalegn on the smooth transition of political leadership after the demise of the former Prime Minister. He conveyed the Indian business community's commitment to the economic development of Ethiopia.
The delegation consisted of senior business leaders from Indian companies such as Sai Ramakrishna Karuturi of Karuturi Global Ltd.; K Malhotra of CHL Ltd.; Arvind Sharma of Anmol Group of Industries; Kaliappan Raghav of Crane Global; O P Patil of Nirmal Seeds; Ashish Gupta of Samsara Group and Rajiv Kumar of Escorts Ltd. to name a few.
FICCI's President said that the political and economic stability, zero tolerance for corruption, and pro-active economic reforms had attracted Indian investors including his company to Ethiopia to use it as a manufacturing base to enter Africa. However, logistics constraints, delay in land allocation and other bureaucratic impediments acted as speed breakers to the momentum of investment inflow.
Responding to the Indian business leaders, the Ethiopian Prime Minister said that India was among the most favoured economic partners for his country and proposed to raise investments from India to the tune of US$ 10 billion by 2015. He assured that Ethiopia had faith in India's commitment to economic development of his country.
The FICCI delegation also called on Ato Mekonnen, Minister of Industry and Ato Tefera Derbew, Minister of Agriculture, to discuss the various challenges faced by the Indian industry.
On November 21, 2012, at Kampala, Uganda, Kanoria also addressed the 8th COMESA Business Forum which witnessed the participation of more than 500 African delegates. The forum was held alongside the 16th COMESA Summit and provided a platform to private sector players to meet and interact with key policy makers from COMESA countries.
The COMESA Business Forum is an Annual Public Private Dialogue and Business Partnerships Forum that brings together Africa's top business leaders, international businesses and regional policy makers to engage on common agendas that support business interests in COMESA region.
