October 29, 2014

ACMA organises first ever Reverse Buyers-Sellers Meet with African countries

ACMA, the apex body of the Auto Component Industry in India with support of the Department of Commerce, Ministry of Commerce & Industry, Government of India, organised the first ever Reverse Buyers-Sellers Meet with African auto component dealers
and distributors.

The meet witnessed presence of 38 key buyers from seven African countries including Kenya, Nigeria, Tanzania, Uganda, South Africa, Egypt and Botswana who are keen to source automotive aftermarket components from India. The African delegation comprised of OEMs, Auto Component Manufacturers, distributors, importers and agents. At the meet, over 70 Indian component makers' showcased 'Made in India' aftermarket products, which served as a platform for the visiting delegation to get an insight into the growing capabilities of the Indian Auto Component Industry.

"The auto industry is a critical cog in the wheel of the Indian manufacturing sector. An initiative such as this will enable the auto component makers in India to expand business beyond shores and harness opportunities in the fast growing African market," said Ambuj Sharma, Additional Secretary, Department of Heavy Industry, Ministry of Heavy Industries and Public Enterprises, Government of India.

Ramesh Suri, President, ACMA, added, "According to a recent IMF report, it is estimated that the Sub-Saharan African economy will grow by almost 6 per cent in 2014 which makes it a lucrative opportunity for Indian component manufacturers to explore. Current auto components exports from India to Africa stand at US$ 714-million. The auto component industry in India has been making continuous efforts to engage with the African automotive industry and this event is another such endeavour for creating new partnerships and deepening business linkages with Africa."

"This Reverse-Buyers Sellers Meet with Africa is in line with ACMA’' Annual theme on Globalisation. With a growing population and improved economies in most African countries, demand and investment in the automobile industry is improving. The overall India-Africa trade has witnessed a surge in the recent past, from a modest level of US$ 24.98-billion in 2006-07 to US$ 53.33-billion in 2010-11. Furthermore, bilateral trade between India and Africa is expected to reach US$ 70-billion by 2015. The automotive sector in Africa could grow faster, but it lacks access to latest products and technologies to fully exploit its potential. With this thought in mind ACMA has organised this meet which will facilitate the engagement of the African auto component dealers and distributors with the leading Indian auto component manufacturers and exporters," said Vinnie Mehta, Director General, ACMA.


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