Kochi (Kerala) [India], January 23 (ANI): The India-Africa Trade Council (IATC) successfully organized the India-Sierra Leone Trade Conference in Kochi, bringing together prominent stakeholders from the South Indian business community and a diplomatic delegation from Sierra Leone.
The event served as a platform to strengthen bilateral trade relations and explore economic opportunities between the two nations.
Dr Asif Iqbal, President of the Indian Economic Trade Organization (IETO), extended a warm welcome to Rashid Sesay, High Commissioner of Sierra Leone to India, and his delegation, which included the Information Attache from the Embassy of Sierra Leone in Abu Dhabi.
Addressing the attendees, High Commissioner Sesay highlighted Sierra Leone’s potential as a key trade partner, focusing on pharmaceuticals, IT development, and industrial growth.
He acknowledged the enduring friendship between India and Sierra Leone, expressing gratitude for India’s continued support in the West African nation’s development journey.
“This trade conference is a significant step in realizing the untapped potential of economic collaboration between India and Sierra Leone. We believe this partnership will lead to new opportunities for businesses in both countries,” remarked Dr Iqbal, emphasizing the shared economic benefits of the partnership.
A key highlight of the event was the appointment of C Krishna Shankar, Chairman and Managing Director of Finovest Group, as the Trade Commissioner for Sierra Leone to India.
In his acceptance speech, Shankar outlined a roadmap for strengthening trade ties, announcing a business delegation from Kerala and Chennai set to visit Sierra Leone in May 2025.
Shankar said, “Strengthening the trade ties between India and Sierra Leone would be the primary focus. Our upcoming business delegation from Kerala and Chennai in May 2025 will focus on exploring key sectors like mining, tourism, poultry, pharmaceuticals, and infrastructure development.”
“This visit is a pivotal opportunity to unlock new investment avenues, foster partnerships in agriculture and healthcare, and pave the way for deeper economic engagement between our two regions,” he added.
India has been a significant contributor to Sierra Leone’s economic growth, with bilateral trade reaching USD 139.86 million in FY 2019-20, marking a 12.80 per cent increase.
Key Indian exports to Sierra Leone include pharmaceuticals, plastics, non-basmati rice, and industrial machinery. On the other hand, imports from Sierra Leone, such as ferrous waste, wood pulp, and titanium ores, grew by 108.86 per cent during the same period.
The conference also highlighted India’s development cooperation with Sierra Leone. India has extended USD 45 million in funding for irrigation and potable water projects and an additional USD 32 million Line of Credit (LOC) for establishing the University of Science & Technology in Kono District.
Several Memorandums of Understanding (MoUs) were signed at the conference, facilitating investments in education, infrastructure, and the pharmaceutical sector.
Bency George, Director of Corporate Relations at IETO, also graced the occasion, underscoring India’s commitment to fostering partnerships that contribute to Sierra Leone’s development.
The India-Sierra Leone Trade Conference reaffirmed the shared vision of deepening economic cooperation, opening avenues for businesses, and strengthening the bond between the two nations. (ANI)
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