India invited to invest in diamond mining and processing in Angola

0
81

The Indian Embassy in Angola, the Gem and Jewellery Export Promotion Council of India (GJEPC) and the Angola-India Chamber of Commerce, jointly organised the India Global Connect – Angola on 3rd December, 2020. This platform gave an opportunity for representatives from both countries to share and understand how they can enhance their trade relations.

India accounts for almost 10% of export trade of Angola.

Angola is the second largest African nation in terms of oil supply to India.

Both countries are exploring further diversification of trade relations in various sectors other than crude oil.

Gems and jewellery offer a good opportunity to strengthen trade between India and Angola.

The India Global Connect – Angola was a catalyst for discussion on bringing in changes for further diversification and growing bilateral trade.

H.E. MRS. PRATIBHA PARKAR, Indian Ambassador to Angola, in her keynote address said, “Angola is the third largest producer of diamonds in Africa and has only explored 40% of the diamond-rich territory within the country, but has had difficulty in attracting foreign investment. Angola is looking at foreign direct investment from Indian companies to help realise the mining country’s potential.”

Parkar added that the country wanted to shed its overdependence on oil exports and was keen on diversifying its export basket to other segments.

India’s imports of rough diamonds from Angola amounted to $6.01 million in FY2020, while exports stood at $0.01 million.

GJEPC members