by admin | May 25, 2021 | Business, Economy, Emerging Businesses, Finance, Investing, Markets, Medium Enterprise, News
By Gaurav Sharma,
Beijing : About 350 Chinese companies on Friday attended a seminar about the opportunities to invest in India’s electronics sector. The event was organised in the city of Shenzhen, also called China’s Silicon Valley.
Ajay Sawhney, Secretary, Ministry of Electronics and Information Technology, made a strong push for Chinese electronics firms moving to India and taking advantage of the phased manufacturing programme introduced by the Indian government.
Speaking at the event, Deputy Chief of Mission, Embassy of India, Amit Narang, emphasised how the leaders of India and China believe that when it comes to Sino-Indian relations, 1 plus 1 is equivalent to 11.
“This highlights the complementarity between Indian and Chinese companies, taking advantage of which Chinese companies should invest in India,” an official statement quoted Narang as saying.
Fiona Li from Huawei Co Ltd shared the company’s experience of investing successfully in India.
Representatives from Andhra Pradesh, Assam and Nagaland participated in the event.
—IANS
by admin | May 25, 2021 | Business, Emerging Businesses, Investing
Kolkata : Himadri Speciality Chemical will invest Rs 1,000 crore in five years to expand its carbon black business and expects to clock additional revenue of Rs 2,500-Rs 3,000 crore from the new product lines, an official said on Wednesday.
With this expansion, the company is expected to add another two lakh tonnes capacity from the existing 1.2 lakh tonnes, the official said.
“With a 17 per cent market share in carbon black, we are looking to produce high-end products in the speciality black. With the Rs 1,000 crore investment over five years at our Mahistikry plant in West Bengal’s Hooghly district, we expect another Rs 2,500-Rs 3,000 crore revenue from the new two lakh tonnes capacity,” company’s CEO Anurag Choudhary told reporters here.
After the completion of expansion, its total production capacity would be 3.2 lakh tonnes.
As per the expansion plan, the company expects to add 60,000 tonnes in capacity by April 2019 in the first phase, he said.
He said the company produces 15 grades of carbon black and with this expansion, it will be introducing additional 40 new grades of the product.
These different grades of speciality black have applications in racing tyres, moulded rubber goods, and many other products, Choudhary said.
The company is mostly targeting the exports markets of north America, Europe, Southeast Asia and the Middle East for these high-end products. The company is expecting to clock Rs 2,200 crore revenue in the current fiscal.
—IANS
by admin | May 25, 2021 | Business, Investing, Muslim World, SMEs
Sudan’s Minister of Investment Mubarak Al-Fadil Al-Mahdi
Khartoum : Sudanese Minister of Investment Mubarak Al-Fadil Al-Mahdi welcomed the British investors to come forward to pump their investments into the country, Sudan News Agency (SUNA) reported.
Al-Mahdi, who is also the deputy prime minister, made the remarks in his address to the opening session of the British-Sudanese Business Forum in Khartoum on Sunday. He drew attention to numerous investment opportunities for Britain’s investors in Sudan, stressing the government’s desire to establish strong economic relations with the UK, to take advantage of its industrial and technical advancement.
The minister confirmed that investment opportunities are available for the British Business Council to establish partnerships and joint projects with their counterparts in Sudan.
During the forum, held under the auspices of the UK embassy in Khartoum, a number of British businessmen voiced their willingness to invest in the country in the fields of alternative energy and agro-industrial projects, especially after the United States has lifted long-standing economic sanctions on Sudan. They noted that Sudan has promising investment opportunities.
For his part, Director of UK Trade and Investment for East Africa Daniel Rathwell said the forum is aimed at creating a platform for exchanging information and experiences with the public and the private sectors.
British Chargé d’Affaires David Lelliott said the forum comes within the framework of the strategic dialogue with the Sudanese government, and as part of the UK’s commitment to contribute to Sudan’s economic growth.
It is noteworthy that a number of experts from the British Chamber of Commerce Kenya (BCCK) and the International Chamber of Commerce UK participated in the forum.
—AB/UNA-OIC
by admin | May 25, 2021 | Business, Business Summit, Corporate, Corporate Governance, Events, Investing, Large Enterprise
New Delhi : French President Emmanuel Macron on Sunday announced an additional investment of 700 million euros for global solar energy generation by 2022 to reduce the use of fossil fuel and help combat climate change.
Speaking at the launch of the first International Solar Alliance (ISA) summit, Macron called for “joint duties” towards a “planet that we are sharing” and took a dig at his US counterpart Donald Trump who pulled out of the 2015 Paris climate deal.
Macron said the summit to revolutionize the use of the clean energy by generating over 1,000 GW of solar power by 2030 was an outcome of the Paris accord even as “some left the floor” but others decided to act and keep acting.
The French President co-chaired the summit with with Prime Minister Narendra Modi at the Rashtrapati Bhavan that was also attended by the heads of 23 nations and 10 ministerial representatives.
Among those present were UN Secretary-General Antonio Guterres, Venezuelan President Nicolas Maduro and Bangladesh President Abdul Hamid.
“The French Development Agency will allocate additional 700 million euros to its commitment to solar energy by 2022,” Macron said.
This will take France’s total commitment to the solar alliance to 1,000 million euros.
“In 2015, we said we will allocate some 300 million euros to support (solar) projects in the member countries. This commitment by France was met a couple of months ago.”
Conceptualised by India, the solar alliance currently has 121 member countries. Out of those, 60 have signed the solar treaty and some 30 have ratified it.
The alliance of sun-rich countries was launched jointly by Modi and then French President Francois Hollande on the sidelines of the landmark 2015-Paris climate talks.
Without taking President Trump’s name, Macron at the Delhi summit said while some left the climate deal others stayed because they wish good for their children and grand children.
“All of us her have experienced global warming. Some of you here have lost your territories, economy and life of citizens.
“We should not forget that we only have one planet that we are sharing and for that there is no alternative. There is a joint destiny which means we also have some joint duties.
“Without the concept of climate justice there would have been no Paris Agreement.”
The French President pointed out that the alliance of the countries situated between the Tropics of Capricorn and Cancer account for three-fourth of the world’s population with a potential of 138 GW of solar power.
But, he said, only 50 to 60 per cent people living in the region have access to electricity.
Macron said the alliance needed to identify solar projects in every single member country.
“Each country with its solar energy potential will identify here their needs and how much finance they need. One hundred projects have already been listed,” he said, further calling the member states that investments in “these projects are very profitable”.
Under the ISA, 100 centres for excellence would train 10,000 technicians to achieve the target of 1,000 GW of solar energy that needs $1,000 billion, the President said.
He said the ISA should help small enterprises in small countries to help them mobilize projects and finances.
“But in order to reach $1,000 by 2030, to reach 1,000 GW solar energy, we need private investors. The alliance will provide a favourable framework,” he assured, adding that France, India, the World Bank and other member states were reviewing expensive existing guarantee mechanism.
The French President stressed on the affordable low cost solar solutions, saying “the alliance should be a place where technology can meet the expectations of people and country”.
He lauded India’s solar commitments that has 20 GW installed solar capacity – one of the fastest growing in the world. The country has increased its solar power capacity by about eight times over the past four years.
India’s wind power generation capacity is 32.8 GW. It aims to achieve 175 GW of clean energy by 2022, of which 100 GW is solar.
—IANS
by admin | May 25, 2021 | Investing, Muslim World
Harun Macit, president of YENIAD
By Tuba Sahin,
Ankara: Sudan needs an investment of nearly $500 billion in various sectors, acting president of a Turkish business association said.
Harun Macit, who represents A New World Industrialist and Businessmen’s Association (YENIAD), said the major drawback in Sudan is its inadequate production technology.
He added that Sudan is among the top three African countries having gold and copper mines, and Turkish businesspeople can play an important role in the country’s mining industry.
“Due to the lack of proper mining technology they [Sudanese people] have limitations. Below the surface, a large amount of precious metals are waiting to be explored,” he said.
Macit urged Turkish businesspeople to establish a system to process those metals and integrate them with Turkey’s gold exchange market to provide overseas finance for Sudan.
He said five consortiums were set with Sudanese and Turkish businesspeople in the fields of construction, energy, mining, agriculture and machinery during a business trip organized by YENIAD in February.
“Preliminary agreements worth $1.2 billion were signed between Turkish businesspeople and Sudanese ministry officials along with private sector representatives during the visit,” Macit said.
Roads, hotels, schools
“We believe that those business agreements will be realized this year and completed in five years,” Macit said.
He noted that the construction consortium includes building roads, bridges, hotels, schools and infrastructure works.
“We also plan to establish a factory in Turkey to process gum arabic and we will sell it to the whole world from Turkey.”
In 2014, Turkey and Sudan signed an agreement to rationalize resources and agricultural potential and contribute to sustainable food objectives.
Under the agreement, around 780,000 hectares across five regions were earmarked for investment by Turkish entrepreneurs.
He added that talks were underway for establishing livestock laboratories based on international standards in Sudan.
“We have made some agreements on livestock as Sudan is one of the largest animal-breeding countries in Africa,” Macit said, adding that the move will enable Sudan to import worldwide.
Energy, software
In February, $50-million agreements in the fields of water and energy were signed, including construction of a dam on River Nile.
“We also offered Sudanese officials cooperation in software eduction by providing a turnkey system for schools in the country.”
He said the association is also planning to make similar business agreements in Malaysia, Morocco, Pakistan, Jordan and South American countries, this year.
The investment may be increased, he said, if bureaucratic hurdles are removed and financial infrastructure improved in Sudan.
“We believe we will exceed targets set by presidents of both countries,” he said.
A bilateral trade volume target of $10 billion was announced by President Recep Tayyip Erdogan during his visit to Sudan in December.
Turkey’s exports to Sudan totaled $395.2 million in 2017 while imports from the country stood at $86.2 million.
—AA
