Hyderabad: COMESA conference held, several MoUs signed; TS to explore Agriculture, Mining

COMESA (Common Market for Eastern and Southern Africa) Ambassadors vowed their support for the MOUs signed in Hyderabad.

The Ambassadors also inaugurated the India-COMESA Trade Council office in Hyderabad.

COMESA, Africa's most important economic community, has 430 million inhabitants and a gross domestic product of $447 billion. It seeks to enhance the institutions of member states and promote political stability and economic progress.

Sudan's ambassador Abdalla Omer Bashir Elhusain, emphasized the significance of worldwide trade ties. In addition, he urged business people in Telangana to invest in Sudan and asserted that the state's I.T. sector was essential for economic growth.

High Commissioner of Malawi Leonard Senza Mengezi, also expressed great interest in supporting the trade relations between the two countries and invited the trade community to explore all the available choices for investors.

AVN Reddy, who would lead India-COMESA commercial relations in the state, said, "As the trade office bridge between India and COMESA countries, I will explore all strategic opportunities between the two regions. I am thankful to the Principal Secretary, Jayesh Ranjan, for supporting the initiative and supporting all our business houses in Telangana, which gives our trade mechanisms confidence and credibility. Very soon, our businessmen delegation will visit the COMESA region to examine the different potential in Agriculture and Mining industry."

COMESA exports about 70% of Petroleum goods and 10% of cotton to India. However, they also import India's rice, pharmaceuticals, refined petroleum products, and steel.

Between April 2000 and June 2010, the most significant Foreign Direct Investment (FDI) to India from the COMESA region was from Mauritius, amounting to US$ 49.1 billion.

The delegates at the event wished that Hyderabad would form a network of business people and would be delegating to the COMESA countries to strengthen mechanisms created to enable these trade opportunities between both regions.

COMESA includes Burundi, Comoros, Congo, Dem Rep., Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe.