Huge business potential for Indian companies in Ivory Coast: India’s Envoy
Ivory Coast holds great potential for Indian companies for expanding its operations in West Africa. Powered by rapid economic acceleration since 2011 and improved business environment with investment friendly policies, Ivory Coast has been a welcome ground for Indian entrepreneurs and investors.
It is the largest economy with 40 percent GDP of West African Economic & Monetary Union (WAEMU 8 countries) and remains Francophone West Africa’s economic hub with significant influence in the region.
Talking to Financial Express Online, Ambassador Sailas Thangal said “India’s business ties with Ivory Coast have seen a steady and significant growth over the years. The bilateral trade between the two nations stood at a mere USD 344.99m USD in 2010-11. It has crossed the USD one billion mark in 2018-19.”
“This is as much a result of combined efforts of both governments to push bilateral trade as it is of the Indian business community’s resolve to be a part of Africa’s growth story,” the Indian envoy added.
“In tune of India’s aspirational exports target, mission has been taking proactive actions, meeting with stakeholders in the Government and captains of Industry, helped establishment of Indian Chamber of Commerce and Industry (ICCI-CI), organized business seminars & solo India exhibitions, showcasing India as the pharmacy of the world,” Amb Thangal added.
The establishment and inauguration of the Indian Chamber of Commerce and Industry in Cote d’Ivoire (ICCI-CI) at the initiative of this embassy, creates a much-needed formal platform for Indian business.
With the global supply chains still in flux, Indian companies could strategies to seize opportunities to fulfil the Ivorian and West Africa’s market demands. “It was in this context that I met Minister of Commerce & Industry Mr Souleymane Diarrasouba to further enhance our bilateral trade and investment.”
Ivory Coast in 2011, declared India as the focus country for cooperation in the fields of Information and Communications Technology, Agriculture, Mining and Infrastructure. Among many promising sectors, there are few low-hanging fruits, namely, Automobiles including Agriculture machineries & two-wheeler, Pharmaceuticals, agriculture produce and Mining which could be given special thrust for making suitable inroads by Indian business.