Prime Minister Duncan Invites Indian Companies To Invest In Ivory Coast

In a bid to further boost India’s trade ties with African countries, Daniel Kablan Duncan, Prime Minister of the Republic of Côte d'Ivoire or Ivory Coast, a country in West Africa has pitched for investments from Indian companies.

“It would take 24 hours to set up a company in the country and 21 days for that company to obtain the requisite approvals for an investment project and begin operations,” said Prime Minister Duncan.

He further highlighted that peace and stability is being resumed in the country which will thus provide a conducive environment for doing business in the country. “Reforms were being undertaken to make the country more business-friendly. These included setting up of a one-stop shop for investment, streamlining of approvals and easier access to land among others,” added Prime Minister Duncan.

It should be noted that various Indian companies have bought large chunks of land in several African countries primarily for agricultural purposes. Some of these countries include Ethiopia, Cambodia, Madagascar, Kenya, Liberia, Tanzania, Sudan, Mozambique, Uganda and Zambia.

Apart from pitching for investments in agriculture, Prime Minister Duncan also stated that Indian companies exploit potential in other sectors such as food processing, infrastructure development, education, skill development and human resource development. “About 18 companies from India have already invested in the country and we hope that many more would follow,” averred Prime Minister Duncan.

The country primarily exports articles such as farm produce and imports finished goods such as pharmaceuticals, automobiles and plastics among others.

Prime Minister Duncan noted that the trade between the two countries could be exploited to its full potential. At present, Ivory Coast is growing at 9% growth rate and is expected to grow by 10% by FY 2016.

Currently, the Indian government has extended a line of credit worth $ 160 million to Côte d'Ivoire.

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