In his recent speech at the G8 Africa Infrastructure Investment Conference held in London, OIA Chairman, Ambassador Soni accentuated India economy achieving an unprecedented economic growth rate and how it was keen to pass on its experience in capacity building and skill development through transfer of technology to African countries.
CII once again invited Ambassador Soni to be on the panel of speakers in a session devoted to "Dealing with Slowdown: Business Strategies in Emerging Market" at a Conference on " Doing Business with India" held on July 22-24 July 2009 in Johannesburg, South Africa. The session was moderated by Consul General of India Johannesburg Mr. Navdeep Suri.
We bring you Mr Soni's exclusive speech at the conference which was well received by the audience and extensively covered by the National Print and Television media of South Africa . South African Broadcasting Corporation (SABC) carried excerpts of his interview with them in their T.V news broadcast on two days.
SPEECH BY OIA CHAIRMAN, AMBASSADOR V. B. SONI
Opening the discussion Ambassador Soni said that the one business strategy that is bound to be long lasting and enduring will be to move away from merely trading to projects export. Instead of being a one-off commodity export, conceptualizing a development project, planning its scope and implementing it would be a challenge worth pursuing. It may be time consuming but will leave a legacy behind. Turn-key project development should normally be the preferred option in African countries so that the client does not have to chase various stages. The Management Company undertakes all the responsibility efficiently.
Mr. Soni recounted the business model which his project development and management Company, OIA adopts. Through understanding of the client country's specific requirement it analyses and develops projects in various fields. As a part of its strategy in Africa project development is done with a view to contributing to capacity building, skill development and transfer of technology locally. This model appeals to the clients because of the long term involvement and commitment shown.
Generally as the African countries are at various stages of development they do not necessarily need push-button technology. OIA accordingly offers them appropriate technology which India can offer on the basis of first-hand experience at affordable cost.
One problem that some countries may find is with regard to finding finances for the projects particularly the big ones. In case this is not available locally or from international financing institutions, OIA can help them find various funding options. He referred to the Government of India's offer of Line of Credit on soft terms through EXIM Bank of India to the tune of USD 5.4 billion spread over 5 years to African countries. As a result even during the present global economic meltdown, this amount is already on offer. This funding option has proved to be very popular with increasing number of African countries.
Summing up Ambassador Soni said Indian companies like OIA are uniquely placed to offer its services to African countries even during these difficult times.
Ambassador V. B. Soni
Chairman OIA Ambassador V.B. Soni on the
Panel at a session in the conference organized
By CII "Doing Business with India-2009 in
Johannesburg from
July 22-25, 2009
Chairman OIA Ambassador V.B. Soni
with
Consul General of India
Mr. Navdeep Suri (L) at
the
same conference.
