The Asian-African Chamber of Commerce and Industry (AACCI), Foundation, a non-profit organisation, is going to launch its first global secretariat office in Ahmedabad on Saturday that will guide Indian investors who wish to make investments in African or Asian countries.
founder and chairman of AACCI, G D Singh said “In the last six months alone, USD 7 million of investments have been promised by Indian investors in Africa and 90 per cent of those are investors from Gujarat,” The investments are in real estate, infrastructure and manufacturing sectors.
Singh said in reference to the need for opening the first office in Ahmedabad, “India has already emerged as one of top five investors in the African continent with investments to the tune of USD 74 billion. A significant chunk of investments comes through the state of Gujarat. These rapidly ascending numbers have necessitated the opening of the office in the state”. Meanwhile, offices will soon be opened in Delhi, Mumbai, and Chennai, he said.
The AACCI assists Indian companies in conducting due diligence on proposed projects in Africa and connecting businessmen with the right partners on the continent.
According to Singh, three million people of Indian origin live in Africa, with Gujaratis accounting for more than half of them. “They are densely settled in all East African countries, including Kenya, Uganda, Tanzania, South Africa, Madagascar, and Mauritius, where they have played an important role in the development of the local economy,” he added.
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