Asian-African Chamber of Commerce & Industry

We are thrilled to announce Designistic Global Limited as an Associate Sponsor for the 2024 High Level Diplomatic Meet Series-VI. As we bring together influential leaders, diplomats, and industry innovators from Asia and Africa, Designistic Motors represents cutting-edge advancements in the automotive sector, aligning with HLDM’s vision for sustainable progress and international collaboration. Join us on November 22, 2024, in New Delhi to drive forward impactful change together! 🌍🚗 #HLDM2024 #DesignisticMotors #AssociateSponsor #AutomotiveInnovation #SustainableMobility #AsiaAfrica #DiplomaticMeet #GlobalPartnerships #BusinessInnovation #SustainableDevelopment #AACCI

NEWS ASIA Vietnam’s Top 500 Enterprises in 2024 In 2024, Samsung Electronics Thai Nguyen Co. Ltd. leads Vietnam's enterprises, followed by Petrovietnam, Petrolimex, and Vingroup, as per the Vietnam Report JSC. Construction remains a key sector, though its revenue dipped slightly, while services saw a 13.7% revenue rise, driven by finance (23.1%). Vietnam’s GDP grew by 6.82% in the first nine months, signaling recovery. Top challenges include global instability and rising costs. Promising sectors identified are IT/telecom (noted for the digital economy), logistics, and energy, emphasizing renewable investments. To sustain growth, businesses call for tax relief, simplified regulations, improved logistics, and trade support initiatives.

NEWS AFRICA Public Sector Companies Achieve Egp 68bn in Profits Over 8 Years Mohamed Attia El-Fayoumi, Treasurer of the General Federation of Chambers of Commerce, highlighted the shift in Egypt's public sector initiated by Law No. 203 of 1991 toward privatization, which stalled development, resulting in losses. However, since 2014, successive governments have revitalized public sector companies, achieving EGP 68bn in profits from 2015-2023, with 2023 profits doubling to EGP 15.5bn. Despite this growth, challenges remain due to outdated technology, which limits product quality and competitiveness. El-Fayoumi urged modern production methods and quality improvements, emphasizing that private sector partnerships are essential for technological and financial support. He stressed that developing public sector companies is crucial for economic growth, boosting productivity, reducing costs, and strengthening Egypt's economic performance.

We are thrilled to announce HEALTOUR SOLUTIONS PVT LTD as an Associate Sponsor for the 2024 High Level Diplomatic Meet Series-VI. As we unite leaders, diplomats, and industry experts from across Asia and Africa, Healtour is at the forefront of healthcare and travel innovation, aligning with HLDM’s goals to enhance global partnerships and promote sustainable development. Join us on November 22, 2024, in New Delhi as we work towards a healthier, more connected world! 🌍✈️ #HLDM2024 #Healtour #AssociateSponsor #HealthcareInnovation #GlobalHealth #AsiaAfrica #DiplomaticMeet #GlobalPartnerships #SustainableDevelopment #AACCI

🌟 We are excited to announce that ✪ Dr. Maxwell Ampong, MBA, DBA, CEO of Maxwell Investments Group, has been awarded the title of Promising Leader of the Year in Agriculture & Agro Products at the HLDM 2024 Asian-African Leadership Awards! 🌍 Dr. Ampong’s dedication to advancing agricultural practices and fostering growth in the agro industry aligns with our mission to honour leaders who bridge continents and industries for sustainable development. Join us in celebrating his achievements at our prestigious awards ceremony on 22nd November 2024 in New Delhi. 🎉 #AACI #HLDM2024 #AsianAfricanLeadership #AgricultureLeader #GlobalInfluencer #LeadershipAwards #India #Ghana #NewDelhi

Wishing Gotabaya Sumanasekara the very best of luck as he embarks on this new journey in the Sri Lankan elections! Your dedication to fostering international business and diplomacy as the Coordinating Director for South Asia at AACCI has been inspiring, and we’re confident you'll bring the same passion and vision to serve the people of Sri Lanka. 🌟 We're behind you all the way, Gotabaya! #GoodLuckGotabaya #SriLankaElections #Leadership #Support #GotabayaSumanasekara #AACCI #ProudMoment #InspiringLeader #SriLanka #Election2023 #FutureOfSriLanka #MakingADifference

NEWS ASIA India’s RBI Introduces Framework for Converting FPI to FDI in Indian Companies The Reserve Bank of India (RBI) has introduced a streamlined framework allowing Foreign Portfolio Investors (FPIs) to convert excess holdings into Foreign Direct Investment (FDI) when their equity stake in an Indian company exceeds 10 percent. Effective immediately, this measure permits FPIs to retain surplus investments by reclassifying them as FDI within five trading days, with government and company approvals. Compliance requires adherence to the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019, and custodians must notify SEBI and suspend further equity purchases until reclassification concludes. This change aligns with SEBI's May 2024 guidelines and may encourage foreign investment in Indian companies by easing capital inflows. FDI represents long-term investments with direct control, while FPI involves short-term trades in financial assets.

NEWS AFRICA Dangote Urges Halt To Petroleum Import, Says Nigeria Has Enough Nigerian billionaire Aliko Dangote has criticized the continued importation of petroleum by Nigeria National Petroleum Company Limited (NNPC) and private retailers, asserting that his refinery can meet the country's demand with over 500 million liters in stock. Dangote urged retailers to buy locally, highlighting the stock as "more than enough to serve Nigeria." However, some analysts doubt this supply can fully meet Nigeria’s needs. Recently, Dangote’s company, the Dangote Group, has clashed with NNPC and other private oil firms over market control, as his refinery’s capabilities grow.

NEWS AFRICA 2025 Budget Will Be Responsive to People's Needs Finance Minister Professor Mthuli Ncube announced that Zimbabwe’s 2025 National Budget will focus on supporting vulnerable groups, including children, women, people with disabilities, and rural communities. Speaking at the Pre-National Budget Seminar in Bulawayo, Prof Ncube emphasized the budget's alignment with international standards, including health, education, and agriculture allocations. Stakeholders have recommended reducing passport fees, lowering radio licenses, and revising customs duties on essentials to ease costs. The public also urged strengthened social safety nets, timely BEAM disbursements, pension increases, and civil service salary adjustments to address inflation and retain talent. Additionally, calls were made to shorten duty-free vehicle import periods for civil servants and fill critical vacancies in healthcare and education, especially in rural areas.

NEWS ASIA Apple’s Contract Manufacturers and Component Suppliers in India Since 2017, Apple has assembled iPhones in India through suppliers like Foxconn, Tata Electronics, and Pegatron, primarily for entry-level models. However, from 2021, high-end models such as the iPhone 14 and 15 were also produced locally, reflecting Apple’s growing focus on India. Exports from India nearly doubled, reaching $12.1 billion in FY 2023-24, largely due to India’s production-linked incentives (PLI). Foxconn, Tata, and others are expanding facilities, with Tata now managing Wistron’s former operations. India is the third-largest iPhone supplier globally and key for Apple's diversification beyond China. Notably, Apple’s flagship stores in Mumbai and Delhi cater to its expanding market in India. Future plans include iPhone 17 production in India, with Apple working with new local suppliers to increase its manufacturing footprint.