During the World Export Development Forum, ITC inks partnership agreements with the Federation of Indian Export Organizations and the Federation of Indian Chambers of Commerce and Industry.
In Addis Ababa, India-Africa ties received a boost with the signing of two contracts that would assist enhance commerce and investment across the Indian Ocean.
On the sidelines of the World Export Development Forum in Ethiopia's capital, the International Trade Centre (ITC) and the Federation of Indian Export Organizations (FIEO) signed a Memorandum of Understanding committing the two organizations to collaborate to promote trade and investment between India and Africa. The Federation of Indian Export Organizations (FIEO) is a trade promotion group founded by India's Ministry of Commerce, with a network of over 30,000 enterprises.
The two groups will collaborate to enhance awareness of Indian enterprises' commercial potential in Eastern and Southern Africa. The collaboration will also assist African small and medium-sized businesses in increasing their visibility in the eyes of Indian investors. Hosting investment promotion seminars in India and Africa is part of this. FIEO planned a trip to East Africa for 24 Indian firms to investigate the potential in Kenya and Ethiopia to start off the relationship.
Indian interest in African economic potential is expanding, as seen by the attendance of more than 60 Indian firms at the WEDF business-to-business meetings. The firms are members of four major industry organizations: the Federation of Indian Export Organizations, the Federation of Indian Chambers of Commerce and Industry, the Confederation of Indian Industry, and the Solvent Extractors' Association of India.
ITC also organized a special session for Indian entrepreneurs to meet with Ethiopian authorities to learn about import and export logistics, as well as trade legislation, among other things. The Indian companies were able to network with members of the Addis-based India Business Forum.
Facilitating India-Africa business collaborations is part of ITC's larger effort to increase South-South trade and investment with the goal of creating inclusive employment and guaranteeing global economic development.
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