Indian businesses in Africa suggest steps to increase trade, investment

Indian business community in Africa at Digital Video Conference on May 3 and 6, suggested the government here to take steps such as improving the line of the credit system, setting up of banks and liberalise visa policies to increase trade and investment with Africa.

New Delhi: Indian businesses in Africa have suggested the government here to take steps such as improving the line of the credit system, setting up of banks and liberalise visa policies to increase trade and investment with Africa, the commerce ministry said on Tuesday.

These issues were highlighted by Indian business community in Africa during an interaction organised by the ministry and Indian High Commissions and embassies of eleven African countries over Digital Video Conference (DVC) on May 3 and 6.

It was attended by over 400 members of Indian business community in 11 African countries -- Tanzania, Uganda, Kenya, Zambia, Mauritius, Nigeria, Mozambique, Ghana, South Africa, Botswana, and Madagascar.

The other issues raised by them include starting direct flights between the India and African countries; exploring the possibility of rupee trade to address the issue of shortage of dollars; creation of a common database of buyer-suppliers; development of a robust trade dispute settlement mechanism; and establishment of country chapters of FICCI or CII in Africa.

"Department of Commerce welcomed the suggestions and assured them that these suggestions will be shared with relevant stakeholders /Departments in order to incorporate the suggestions in the India-Africa strategy for trade promotion," it said in a statement.

Senior officers from the Department of Commerce and Ministry of External Affairs were present during the interactions.

India's total trade with the African region during 2017-18 was USD 62.69 billion.

"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," the ministry said.

As per the latest available estimates, the current strength of the Indian Diaspora in the African countries is 2.8 million and out of those 2.5 million are PIOs and rest 2,20,967 are NRIs, it added.