BANGALORE, India – Because the level of trade between India and Namibia is still relatively low, the Minister of Trade and Industry Calle Schlettwein says he would like to see more Indian investment in Namibia and vice versa.
The principal exports from India to Namibia in 2012-2013 were valued at just over US$74 million, while during 2013-14 this figure stood at about US$64 million and it is estimated that Namibia exported close to US$10 million during the same period. Speaking to the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), Minister Calle Schlettwein said both India and Namibia, as developing countries, face similar challenges such as bringing about sustained economic development. “India is an ideal partner for Namibia because we are facing similar issues such as increasing economic growth, poverty alleviation and the reduction of income inequality,” said Schlettwein. He encouraged the Indian business community to consider investing in manufacturing, agriculture and agro-processing, logistics and transport as well as tourism. Accompanying the minister during the official talks, Namibia’s High Commissioner to India, Pius Dunaiski, acknowledged India’s contribution to Namibia’s liberation struggle as it was one of the first countries to raise the issue of Namibian independence at the United Nations. “We should not only focus on political links but we should also focus on business interaction. We want to see the expansion of bilateral relations between our two nations.” The Indian state of Karnataka, of which Bangalore is the capital, is one of the most industrialized states in the Asian country. The state has a history of introducing several industrial and technological initiatives and is considered to be a key driver of India’s domestic growth and wealth creation. This growth is driven by a mixture of resources, skills, technology and knowledge-based products and services. Karnataka is one of India’s fastest growing states and with just 5 percent of India’s population the state contributes about 6 percent of India’s Gross Domestic Product (GDP), 7 percent of fixed capital and 13 percent of India’s exports. The FKCCI says the increasing numbers of Indian entrepreneurs doing business in Namibia and Namibians doing business in India augurs well for the future of trade and investment between India and Namibia, which is expected to grow further with the finalization of the India-Southern African Customs Union (SACU) Preferential Free Trade Agreement. The association says it attaches a high priority on the relationship with Namibia. “We need to progress by taking concrete actions, which bring direct benefits to our citizens. Bilateral cooperation in the energy and agricultural sectors has excellent prospects. Accordingly, the volume of trade between Namibia and India could be much more than the reflected figures,” said the association.
The FKCCI is an organisation for industry, trade and the service sectors of Karnataka and its approximately 3000 members are drawn from a wide spectrum of these sectors.
India’s principal commodities exported to Namibia include drugs and pharmaceuticals, agro-chemicals, glass and glassware, plastics and linoleum products, manufactured metals, machine tools, machinery and instruments, transport equipment, manufactured rubber goods and electronics. The main products exported from Namibia to India include non-ferrous metals, ore and metal scraps, transport equipment and machinery.
By Edgar Brandt