The bilateral trade between India and Africa which reached about $60 billion in 2015-16 will cross $100 billion mark in next two years owing to improvement in business environment in the country together with better infrastructure and connectivity across African continent, Union Minister Mukhtar Abbas Naqvi said.
“Africa offers lucrative business opportunities for Indian micro, small and medium enterprises (MSMEs) across diverse sectors such as FMCG (fast moving consumer goods), mining and minerals, telecommunications, construction and others,” said Mr Mukhtar Abbas Naqvi while inaugurating an ASSOCHAM Indian-Africa Trade & Investment Forum.
“India is attracting business leaders and investors from across the globe as our Government has been able to build a conducive business environment aimed at inclusive growth,” he added.
Trade Potential Between India-Africa
The Union Minister further said that India is focussed on ‘development with dignity,’ whereby the Government of India is committed to connect and uplift people from all sections of the society and bring them into mainstream.
“I feel very much satisfied in saying that today every section of our society in every part of the country is participating in the country’s progress and rapidly joining the mainstream,” he said.
He also said that it is due to the various reforms ushered in by the Centre that even global rating agencies and noted economists have impressed upon India as a very ‘safe and strong’ investment destination.
Talking about the previous regime, the Minority Affairs Minister said, “When we had come to power there was an atmosphere of policy paralysis and corrupt practices were prevalent but we have succeeded in reversing that through various reforms.”
He also said that Government is not claiming to have changed everything as these problems and challenges have sustained for decades together but there has indeed been significant positive development in India which is not a mean feat.
“Our government is focussed on the agenda of reform, perform and transform which is very much evident in the significant improvement made by India in terms of ease of doing business rankings,” added Mr Naqvi.