GOVERNMENT TO
INCREASE OUTLAY FOR FOCUS AFRICA PROGRAMME IN NEXT FINANCIAL YEAR-
RUDY
Keeping in view the
immense success of the Focus Africa Programme during the current
financial year, the government has proposed to increase the outlay
during the next financial year. Shri Rajiv Pratap Rudy, Minister
of State for Commerce & Industry, stated this here today,
while inaugurating the seminar titled "Export Potential Study
of Focus African Countries based on Bilateral and Global Trade
Statistics of India and Sub Saharan Region". The government
has already sanctioned about Rs. 20 million to various councils/organisations
for undertaking various export promotion activities during the
current financial year, Shri Rudy said. Shri L. Mansingh, Director
General of Foreign Trade, was also present in the seminar along
with heads of Missions of Sub Saharan countries and representatives
of the trade & industry.
Shri Rudy informed
that the EXIM Bank had so far extended 28 lines of credit (LOC’s)
for an aggregate value of Rs. 414 crore to enhance the trade with
Sub Saharan countries. MOUs are being finalised with these countries
on technical assistance and cooperation in several sectors- Water
Resources with Ethiopia, Health & Pharma with South Africa,
he added. India’s exports to Sub Saharan Africa region during
the first four months of this financial year (April-July 2002)
increased to US$ 700 million from last year’s US$ 645 million
showing a growth of 8.6%.
The study conduced
by National Centre for Trade Information (NCTI) shows that India
has a good potential for increasing its market share in Sub Saharan
region for Chemicals specially pharmaceuticals, Food articles,
Paper products & Engineering goods including vehicles, Iron
& Steel articles etc. It shows that Apparels, Coir Floor Coverings,
semi-milled rice; Footwear uppers and Diamonds are the items where
India possesses a high revealed comparative advantage.
The study aims at
determining the global import trend of commodities by the countries
under focus while identifying the potential product groups, major
supplier countries and India’s position. The study goes on to
map the imports of specific products at the 6 digit HS Code level
and matches the same with India’s export capabilities to arrive
at a specific product basket which has a high export potential
from India to each of the countries under study. The seven Focus
countries in the Sub Saharan region include Ethiopia, Ghana, Kenya,
Mauritius, Nigeria, South Africa and Tanzania.
