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'Africa huge investment potential for Indian energy firms'

IANS 29 Oct 2015, 8:01:47 IST

New Delhi: Highlighting huge potential for Indian energy players in Africa, Namibia's Minister of Mines and Energy Obeth Kandjoze said on Wednesday that the country's power sector presented good investment opportunities.

"We are a middle income country, and have to import electricity for our growing needs. The power sector in Namibia is a huge investment opportunity for foreign investors," Kandjoze said at a FICCI organised session at the India Africa Business Forum here on the sidelines of the ongoing third India-Africa Forum Summit.

He said Namibia, whose energy deficiency was making it vulnerable, offered a conducive environment for foreign investors with its liberal policies, repatriation of capital, access to foreign exchange, provision of arbitration, fair compensation in case of legal disputes and equal treatment to foreign investors and local players.

Zambia's Vice President Inonge Wina said Africa would benefit immensely if Indian energy companies established their plants in the continent.

India's state-run explorer Oil and Natural Gas Corporation Limited's overseas arm ONGC Videsh Ltd's managing director N.K. Verma said that ONGC Videsh invested around $8 billion in Africa and aimed to double it in 2-3 years.

Also Read: PM Modi holds bilateral talks with African leaders

In 2009, India and Namibia signed five agreements, including one on supply of uranium to India.