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CII facilitates multi-sectoral business delegation to Nigeria & Ghana for Pharmexcil members
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Shardul Nautiyal, Mumbai
April 26 , 2024
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The Confederation of Indian Industry (CII) has announced an exclusive opportunity for member companies of Pharmaceuticals Export Promotion Council of India (Pharmexcil) to participate in a multi-sectoral business delegation to Nigeria and Ghana, coinciding with the visit of Amardeep Singh Bhatia, additional secretary, Department of Commerce, Union ministry of commerce and industry. Scheduled from April 29 to May 3, 2024, this delegation aims to foster stronger economic ties between India and the two West African nations.
The delegation will align with the bilateral Joint Trade Committee (JTC) meetings in Nigeria and Ghana, under the co-chairmanship of additional secretary, Department of Commerce. The itinerary includes visits to Abuja and Lagos in Nigeria from April 29 to May 1, 2024, followed by Accra, Ghana from May 2 to May 3, 2024.
“Designed to provide a platform for Indian businesses to explore new opportunities, engage with local counterparts and government officials, and showcase India's industrial prowess, the delegation promises to be an enriching experience for all participants. A detailed program will be shared closer to the departure date,” informed Uday Bhaskar, director general, Pharmaceuticals Export Promotion Council of India (Pharmexcil).
Bhaskar further informed that senior representatives from the Indian industry are invited to seize this invaluable opportunity to participate in the business delegation. It's essential to note that Indian passport holders require visas for Nigeria and Ghana, along with valid yellow fever, polio vaccination, and Covid-19 vaccination certificates.
Nigeria and Ghana present lucrative markets for Indian businesses, with bilateral trade and investment flourishing in recent years. India's strong economic ties with Nigeria are evidenced by its position as the largest trading partner in Africa, with over 135 Indian companies operating in the country. Similarly, India's significant presence in Ghana is underscored by its status as one of the top trading partners, with substantial investments across various sectors.
Notably, pharmaceutical exports from India to both Nigeria and Ghana have witnessed remarkable growth, reflecting the increasing demand for Indian pharmaceutical products in these markets. In April to February 2024, exports to Nigeria reached USD 464.28 million, while exports to Ghana amounted to USD 184.90 million, showcasing growth rates of 1.56% and 32.54% respectively compared to the previous year.
Several Indian companies are already doing successful business with Nigeria and Ghana. Indian companies have not only invested, set up offices and worked on projects in the two countries, but bilateral trade figures also show an upward trend in exports and imports between India and these countries, over the past few years.
India is among the top trading partners of Ghana and is the largest destination for Ghanaian exports. Ghana has a positive trade balance with India, mainly due to huge imports of gold by India which accounts for over 70% of total imports from Ghana. Bilateral trade recorded USD 2.8 billion in 2022-23. Indian companies have invested in 870 projects in Ghana aggregating to US$ 2.22 billion over the years. In 2022, India was the second largest investor by number of projects with 21 projects and the 5th by value with FDI of USD 66.34 million.
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