SME Times is powered by   
Search News
Just in:   • Telcos with 4G network will have to invest less for 5G services: TRAI  • NITI urges banks to pass on RBI rate cut benefits  • Forex reserves rises by $150 mn to $398 bn  • Microsoft workers ask Nadella to scrap US Army HoloLens contract  • Qlik to acquire Attunity for nearly $560 mn 
Last updated: 09 Feb, 2019  

Prabhu.9.Thmb.jpg India-S Africa ties strengthening: Prabhu

Prabhu.9..jpg
   Top Stories
» NITI urges banks to pass on RBI rate cut benefits
» Forex reserves rises by $150 mn to $398 bn
» 'Despite Brexit, EU to remain India's largest trading partner'
» India-Ethiopia innovation, science-tech program launched
» Prabhu dedicates 1000 cr worth projects to nation
SME Times News Bureau | 09 Feb, 2019

India has strong ties with Africa for centuries, and in recent times the development and economic partnership have become stronger, said Union Minister of Commerce & Industry Suresh Prabhu.

Addressing the interactive session on Indo-Africa Strategic Economic Co-operation in New Delhi, Prabhu said that the impressive growth in trade between Africa and India stems from a mix of factors, including a growing stock of foreign direct investment undertaken by African and Indian corporate entities and deepening economic and political.

Other key drivers include the Government of India’s Duty-Free Tariff Preference Scheme for Least Developed Countries launched in 2008 which has benefitted 34 African countries, Suresh Prabhu added.

The Commerce Minister said that synergy that exists between India and Africa can be gauged from the recent robust trends in Indo-Africa trade relations. Bilateral trade between Africa and India has increased from around USD 7 billion in 2001 to about USD 78 billion in 2014, before moderating to USD 60 billion in 2017, reflecting a commodity price decline.

The Minister said that while these initiatives bode well for bilateral trade, there remains substantial untapped trade potential. As per a joint study conducted by Exim Bank of India and Afreximbank, the value of untapped bilateral trade potential between India and Africa is more than USD 42 billion.

Suresh Prabhu further stated that a multi-pronged strategy is needed to provide a more holistic and sustainable approach for tapping this untapped potential.

He said that any strategy for enhancing bilateral trade between Africa-India will therefore critically hinge on the scope for value chain integrations in various manufacturing and services segments.

The Commerce Minister expressed hope that a resurgent Africa and a rising India can create a new paradigm for South-South Cooperation.

He stressed on the need for right kind of investments in Africa, focusing on accessing the market coupled with the development of manufacturing capacities, seeking low-cost labour while focusing on human resource development and exploring the natural resources along with improving the infrastructural facilities.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 23 Feb, 2019
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(1)
» RCom stock up 10% as company reaches agreement with lenders(1)
» Poor digitization in logistics hurting MSMEs: Shyplite co-founder(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter