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Investment should add value to raw materials - Sichinga

Investment should add value to raw materials - Sichinga
By Masuzyo Chakwe
Tue 20 Mar. 2012, 11:59 CAT

COMMERCE minister Robert Sichinga says investments that come to Africa should be adding value to raw materials at the source in order to ensure meaningful economic growth and empowerment of locals.

During the India-Africa Trade Ministers' Dialogue in New Delhi, India, Sichinga also lobbied for Zambia and Malawi which had comparative advantage by virtue of being neighbours and growing cotton, to be added to the list of African countries that India had identified for technical support in cotton and textiles industries.

He noted that there was need for transfer of appropriate technology that would give impetus to Africa's industrialisation through value-addition.

Sichinga stressed the importance of basing value-addition on natural-resource endowment which Africa was blessed with and ensuring that regional economic communities (RECS) played a key role in the industrialisation process of Africa.

During the meeting held on the sidelines of the India-Africa Project Partnership, India and Africa through the Africa Union agreed to take bilateral trade upwards to US$90 billion in the next three years, from the previous US$62 billion in 2011.

This is according to Bwalya Nonde, first secretary for press at the Zambian High Commission in India.

Nonde stated that the commerce ministers' meeting culminated in the launch of the India-Africa Business Council with Indian Minister of Commerce, Industry and Textiles Anand Sharma unveiling his government's plans to set up an integrated textiles cluster in Africa which is expected to attract investments to the tune of US$350 million and provide employment to 60,000 people.

He stated that the cluster would be established within the next two to three years and would have vertically integrated production facilities with state-of-the-art infrastructure and a public-private partnership model of governance.

African Union Commission (AUC) commissioner for economic affairs Maxwell Mkwezalamba said the African nations were keen on increasing their collaboration with India in various economic sectors.

Labels: ROBERT SICHINGA, VALUE ADDITION

posted by MrK @ 4:26 PM