Supporting Indian Trade and Investment for Africa (SITA), a project of the International Trade Centre covering five East African countries (Ethiopia, Kenya Rwanda, Uganda and the United Republic of Rwanda) and India, aims to catalyse at least $80 million worth investment from 16 deals by 2020.
According to Govind Venuprasad, co-ordindator of SITA, Office of Asia and the Pacific, the project had facilitated negotiation of more than $64 million worth investment, of which $23 million had been catalysed in the last two years. The size of investments range between Rs. 3.5 crore and Rs. 163 crore.
Mr. Venuprasad said that studies showed that Indian SMEs were increasingly interested in exploring opportunities in African markets. However, they were not aware of the new geographies, political and socio-economic situations etc.
SITA helps bridge this gap through awareness building workshops and seminars. “There is space for Indian SMEs to enter the African market, particularly in labour-intensive and light manufacturing sectors,” he said.
SITA is now in discussions with a few large Indian firms on the scope to form a consortium for large-scale infrastructure investments in east Africa.
If this happens, the lines of credit, which all five East African countries have access to from the Indian Government, will come into play, he added.