The minister said trade and economic exchanges between India and Africa were a vital component the relationship with Africa
External Affairs Minister Sushma Swaraj on Wednesday urged both Indian and African enterprises to come forward and forge ties in the backdrop of the Make in India programme and increase bilateral trade.
Addressing a business conference on the sidelines of the third India-Africa Forum Summit in New Delhi, Swaraj said trade and economic exchanges between India and Africa were a vital component the relationship with Africa.
“We hope that the various countries in Africa will take steps to attract such investments from India, particularly for manufacturing and processing activities.
"I would also encourage Indian and African business enterprises to take advantage of our Make in India initiative to work towards mutually beneficial joint business ventures,” Swaraj said.
Swaraj said though trade between India and Africa had grown to $72 billion in 2014-15, it is still below potential because both sides were 'not trading sufficiently with each other' despite having a combined population of 2.3 billion, a massive consuming market.
“Having realised the need for greater access to India’s market to African goods and exportable commodities, India was among the first developing countries to offer the duty free tariff preference scheme in 2008.
"The DFTP scheme, which is open to all 34 LDCs in Africa, has been designed to provide access for processed and manufactured goods from Africa under preferential terms to the Indian market.
"We are continuously exploring ways to make the scheme more effective,” Swaraj told the business conference organised by Confederation of Indian Industry, Federation of Indian Chambers of Commerce and Industry and The Associated Chambers of Commerce of India.
She said Indian investors were constantly exploring investment opportunities in Africa across multiple sectors of agriculture, manufacturing and services.
Prime Minister Narendra Modi is to hold summit-level meetings with the heads of more than 50 African nations on Thursday.
