M a r k e t N e w s

Ethiopia and India meet around common interest in chemical industry

Posted on : Thursday, 4th August 2016

 In a bid to showcase India’s capabilities as a supplier of steady and sustainable, low cost international quality products and to tap into the African market, a special Indian export promotion council has organized a two-day buyers and sellers meeting in Addis Ababa, Ethiopia.

The Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion Council (CHEMEXCIL) from India exhibiton would provide a unique opportunity to major buyers from African countries to interact with Indian manufacturers, as well as establish joint ventures, according to Dr B.R Gaikwad, chairman of CHEMEXCIL. 
It is the second time the exhibition will be held in Ethiopia and the latest one brought over 40 companies to showcase their products for buyers from different African countries.
India is the second largest foreign investor in Ethiopia, with approved investment of 4.78 billion dollars. Of this, approximately one billion dollars is already on the ground or in the pipeline.
Ethiopia’s export of dyes and dye intermediates in 2014/15 was 3.64 million dollars, with growth of five % compared to the previous year. Inorganic and organic chemicals stood at 13.37 million dollars, with growth of 41 %, while the cosmetics industry was worth 3.84 million dollars with a growth of 96 % compared to the previous year, according to data from CHEMEXCIL.
The Indian delegation, sponsored by CHEMEXCIL, consisted of companies involved in producing basic organic and inorganic chemicals, pharmaceuticals, dyes, pesticides, soaps, detergents, cosmetics, toiletries and other products like incense sticks, essential oils, medicinal herbs, value added herbal products and the like.
Industry was growing exponentially in Ethiopia, as well as in Africa and Godfrey Marjani, a consultant from Kenya, says that as the chemical industry formed the backbone of the industrial and agricultural development in India, this created an opportunity for African countries to get access to these companies directly.
“I am currently consulting an agriculture company and we are looking for companies that we could buy fertilisers from directly without the hassle in between,” he says.
The value of global chemical industry is estimated at 3.26 trillion dollars, while the output of the Indian chemical industry is 144 billion dollars.
The global chemical industry is expected to reach 4.5 trillion dollars by 2017, while Indian chemical industry is forecasted to reach 224 billion dollars in the same year.
“This shows that India’s global contribution is at a nascent stage and has enormous potential in the near future, especially for African countries,” Marjani adds.

Source : www.newsnow.co.uk
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