Revitalizing India-Africa spices trade with ITC support
Indian entrepreneur Geemon Korah – head of one of the world’s top spices producing companies – sees strong potential to do business in Africa.
‘Ten years ago I experimented in Africa and I failed,’ he said. ‘So I burned my fingers.’
India is one of the largest spice producers in the world for a variety of spices, including ginger, turmeric, chilli and cumin, according to the Food and Agriculture Organization of the United Nations. Korah is the CEO of Kancor Ingredients Limited, the world’s fifth largest flavour and fragrance company.
‘The intent is for us to look at new areas where you have land, people, resources to cultivate that land and you can bring in new methods of cultivation and increase productivity,’ he said, mentioning Asia and Africa as markets with strong potential to grow and work with India on trade and investment opportunities.
The International Trade Centre (ITC) through the Supporting Indian Trade and Investment in Africa (SITA) (http://www.intracen.org/sita/) is a key partner in bringing investment to and doing more business in East Africa, according to Korah.
‘They literally work as partners with us to understand what actual requirements are, put you in touch with right people who can actually take it forward,’ he said. ‘ITC is not just being a catalyst – they are also part of the process. We have a certain degree of confidence that we can invest in that country. If not for ITC, we would not have done it.’