A release by PHD Chamber of Commerce.
December 5, 2014
Diplomats participating in the concluding day’s parleys at a Conference on “Africa: A Land of Opportunities” under aegis of Ministry of External Affairs and PHD Chamber of Commerce and Industry has called upon India Inc. to park their surpluses in the African continent without any risks of loosing its money as the continent provides for no foreign exchange control and hold double taxation agreements with India to repatriate its profits and earnings to the countries of their origin.
The diplomats also added that industry in India should not loose the opportune time for investments in the entire African continent consisting of 54 countries as a vast majority of them have moderate tax regime not exceeding 15% as also provide for 5-10 years holidays schemes in which India’s production in African continent can legitimately escape local taxes and add to their profits.
The High Commissioner of the Republic of Botswana Ms. Lesego Ethel Motsumi in her remarks said. “Her country is looking for Indian investments to promote manufacturing and laying of infrastructure. It is also encouraging exports from India and imports of diamonds to India from Botswana rather than making value additions in them in economies of scale such as UK”.
Baring pharmaceuticals for which manufacturing, the Botswana has tougher rules and harsher regime, she thus, recommended that India businesses can manufacture generic medicines in India and carry them to Botswana for packaging for their bulk sale.
The ambassador of Gabon Mr. Desire Koumba said that India differentiated with his country and needed to shun this approach so that it succeeds in absorbing Indian investments in the area of infrastructure, agriculture, health, education, tourism and host of other such areas.
The diplomats of other such countries such as first Secretary, High Commission of the Kingdom of Lesotho Mrs. Boopane Masoebe; Counselor Malawi High Commission Mr. Alfred Vilili; Counselor-Political, High Commission of the Republic of Namibia Mr. Richard Ferge and Charge d Affaires, Embassy of Togo Mr. Akakpo Koffi collectively sought Indian investments in Africa because of their affinity in many respect and assured that such investments would have sufficient protection from the governmental agencies and more than adequate returns.