Congo is a Lucrative Investment Destination for India: Gen. VK Singh, Minister MoEA

MUMBAI: “Democratic Republic of Congo is Africa’s 2nd largest country. In last 5 years, it has tremendously improved its investment climate. Together with ‘ease of doing business’ especially in mining, agriculture and power sectors, Congo offers tremendous business potential for India,” said Gen. (Dr.) V. K. Singh, Minister of State for External Affairs, Government of India at a seminar on “Investment Opportunities in Democratic Republic of Congo” organized jointly by All India Association of Industries (AIAI), World Trade Centre Mumbai (WTC Mumbai) and the Federation of Associations of Small Industries of India (FASII) in association with Embassy of Democratic Republic of Congo in Mumbai.

Gen. (Dr) Singh further added that India and Congo shares several complementarities particularly in agriculture, mining and tourism. India and Congo enjoys excellent trade, political and cultural ties stressed Gen (Dr) Singh. H. E. Mrs. Rosette Mossi Nyamale, Hon’ble Ambassador of Democratic Republic of Congo in India presided over the function.

H. E. Mrs. Rosette Mossi Nyamale, Hon’ble Ambassador of Democratic Republic of Congo in India said that both countries share historic relations with a common struggle for the independence. She thanked Gen. (Dr.) Singh and Government of India for extending credit lines for construction of two hydroelectric dams to bring life transformation in Congo. She said that both countries must develop a synergy of action, through public-private partnership and create conducive environment to accelerate co-operation between India and Congo in order to meet aspirations of Indian and Congolese people.

Further, while elaborating on tremendous potential in agriculture, mining, natural resources and tourism, She added, “The liberalization of the energy sector is aimed at promoting private investment in the fields of production, distribution and transportation of electricity. The bridge Congo’s energy deficit, Congo Government has launched various projects including construction of Inga III power plant (4,500 MW) and Grand Inga (39,000 MW) at a cumulative cost of USD 60 billion.”

Congo also offers reach fauna and flora and home to several UNESCO classified world heritage sites. It accommodates nearly 45% of African tropical forest with more than 1000 species of wood. Naturally, Congo is looking forward to promote tourism through several measures, said H. E. Mrs. Nyamale.

Mr. Kamal Morarka, Chairman, World Trade Centre Mumbai in his welcome address briefed about potential of Congo to Indian business community. He said, “The 54-country African continent is almost as populous as India. Its rich mineral resources, forest, wild life and other tourist attractions. However there is lack of awareness about Africa’s business potential in India.” He further offered support to Embassy of Congo to build a World Trade Centre in Congo. World Trade Centre Network is a strong global trade and business network with 320 WTCs across 89 countries, opined Mr. Morarka.

Mr. Kasongo Musenga, Second Councellor (Economic Affairs), Embassy of Congo provided insights about Congo as the ideal business and investment destination in his lucid presentation to the august gathering. Congo is world’s largest producer of cobalt ore and is blessed with natural and mineral resources. “The Government in Congo has taken several proactive measures to promote ease of doing business. The liberalization of economy coupled with dynamic large scale multi sectoral reforms and incentive measures have provided macro-economic stability. As a result in last 5 years, Congo has grown over 7.4%.” Congo has world’s second largest fresh water reserve in the world and thereby offers potential to build nearly 10,600 MW of hydro-power.

While proposing vote of thanks delegates for their interest, Mr. Vijay Kalantri, President, All India Association of Industries (AIAI) said, “Congo with nearly 10,000 Indians and PIIOs shares sound political and economic relationship with India. India is among the first countries to establish a diplomatic mission in Kinshasa, the capital city of Congo. In last few years, the bilateral trade with Congo has grown considerably to nearly USD 500 million, conducive business environment and ease of doing business will offer great opportunity for Indian businesses to invest in Congo.”

The programme was well attended by the consulates, bilateral business communities and others.