Representative Image
Representative Image

Commerce ministry organises interaction to boost India-Africa trade ties

ANI | Updated: May 07, 2019 20:55 IST

New Delhi [India], May 7 (ANI): A two-day interaction was organised by the Commerce Ministry and Indian High Commissions and embassies of eleven African countries to strengthen the India-Africa trade ties.
The interaction was arranged over Digital Video Conference (DVC) over two days, on May 3rd and May 6th with the Indian business community in Africa.
In order to build an effective engagement with the Indian Diaspora in Africa, the interactions with Indian Diaspora were held in Tanzania, Uganda, Kenya, Zambia, and Mauritius, Nigeria, Mozambique, Ghana, South Africa, Botswana, and Madagascar.
The DVC was attended by over 400 members of the Indian business community in 11 African countries.
This initiative of the Commerce Ministry emphasizes on the need for a multipronged strategy for further enhancing trade and investment ties between the two regions.
During the interaction the Indian Business Community of these 11 countries also highlighted several issues including improving the line of the credit system and developing a facility for affordable and competitive funding and setting up of Indian banks and financial institutions in Africa.
Reviewing and liberalizing visa policies from both sides and need for direct flights between India and African countries was also highlighted during the interaction.
Department of Commerce assured the community that these suggestions will be shared with relevant stakeholders and departments in order to incorporate the suggestions in the India-Africa strategy for trade promotion.
As per the ministry of commerce, India's total trade with the African region during 2017-18 was USD 62.69 billion which stands at 8.15 per cent of India's total trade with the World.
"Today, African countries present immense opportunities for India with the world's largest land mass, 54 countries, a population growing to be almost equivalent to that of India, huge mineral resources, oil wealth, a youthful population, falling poverty levels and increasing consumption patterns", read a statement by the commerce ministry.
The Indian community in Africa is playing a vital role in all fields like politics, business and education. As per the latest available estimates the current strength of the Indian Diaspora in the African countries stands at 2.8 million out of those 2.5 million are PIOs and rest 220967 are NRIs.
Senior officers from the Department of Commerce and Ministry of External Affairs remained present during the interactions. (ANI)