Minister of State for External Affairs, Gen. (Dr.) V K Singh emphasized on the business potential of African nations for Indian MSMEs. Dr. Singh urged Indian corporates to forge ahead their business ties with African countries as these offer tremendous business opportunities to scaling up business on grounds of mutual benefits.
Addressing 3rd Annual International Conference & Exhibition on Africa – A Land of Opportunities under aegis of PHD Chamber of Commerce and Industry in New Delhi, Dr. Singh emphasized, articulating that there could be few loopholes in existing terms of trade so far as economic engagements between India and African countries are concerned.
The Minister also called upon the indigenous industry to come out with an exclusive solution map to further enhance on and facilitate the existing economic and business ties between India on the one hand and entire African union on the other rather than finding faults with terms of trade that may sometime hinder their trade prospects.
However, these should not lead to halt the growing trade and economic ties between India and African countries even temporarily and that the businesses of both the sides should focus on moving on and forging ahead, said Dr. Singh calling upon the industry associations such as PHD Chamber to come out with a solution map so that such issues are resolved and businesses move on as usual.
Dr. Singh felt that the African countries provide for huge material resources to their Indian business counterparts with plenty of opportunities for wealth creation for both the peoples and Indian industry should reciprocate so that the business transactions acquire a conclusive proportion to the benefit of the two.
Ambassador, Embassy of the State of Eritrea & the Dean of Heads of African Missions in India, Alem Tsehaye who also spoke on the occasion stressed that since India and African countries enjoy the historic legacy, their trade multiplication should happen at rapid pace.
In his welcome address, President, PHD Chamber, Gopal Jiwarajka also felt that given the closeness of the peoples of India and African union, the pace with which the economic ties are growing currently, need a review so that the full potential is realized.