More Indian companies can benefit from setting up industries in Africa
With an emphasis on infrastructure, finance, technology, the India-Africa bilateral trade could reach US$100 billion, having grown to US$70 billion in 2013 from US$5.3 billion in 2001.
“Our mission is to enhance ties (with) a target of US$100 billion of bilateral trade and US$100 billion of investment between India and Africa,” said Rajiv Poddar, President, IMC Chamber of Commerce and Industry.
“The governments of India and the African nations could come together and help in the global revival of the economy, he said at the three-day Indo Africa Virtual Summit held from 6 Nov 2020.
The combined markets of India and Africa encompass 2.5 billion people and GDP of US$5.5 trillion.
At the World Economic Forum in Delhi in 2014, the two sides reaffirmed their intention to reach a trading volume of US$500 billion by 2020.
With the well-established historic strategic partnership and cultural ties between India and African countries, there is great untapped potential for trade and investment.
More Indian companies can benefit from setting up industries in Africa, especially from the 54-nation African Continental Free Trade Area, he said.
As of June 2020, India had extended 121 lines of credit to 41 African countries to set up businesses there. #investments #exports #manufacturing #infrastructure #projects /fiinews.com
