Industries in Coimbatore trade and invest in Africa. Also, there is immense scope for expansion in the African continent. It is estimated that Africa will have over 600 million consumers below the age of 30 by 2030.
The continent has a land mass capable of producing food for the rest of the planet. In 2018, almost half million people from the African continent traveled overseas for medical treatment. Nearly 20 % of them traveled to India. This is unsustainable and highly competitive. The biggest gainer in 2018 in medical tourism for people from Africa was Turkey. Apart from good standard of expertise and services, the fall in the value of Lira helped.
50,000 African students are pursuing bachelor and masters programmes in India. The African Continental Free Trade Area by 54 member States of the African union is expected to be operational by July next year. This will offer Indian companies a single market with purchasing power and scale.
Almost 80 % of the raw materials that will go into powering future electric vehicles originate in Africa.
source: The Hindu
