(The Gist of PIB) Initiatives by Commerce Ministry to Boost Trade with African Countries [MAY-2019]

    (The Gist of PIB) Initiatives by Commerce Ministry to Boost Trade with African Countries [MAY-2019]

Initiatives by Commerce Ministry to Boost Trade with African Countries

• The Union Commerce Ministry along with Indian High Commissions and Embassies of eleven African countries held discussions with the Indian business community in Africa in order to further deepen and strengthen India-Africa trade ties.

Present status of Trade:

• India’s total trade with the African region during 2017-18 was USD 62.69 billion (8.15% of India’s total trade with the World).
• India’s share of exports to African countries as a percentage of India’s total exports to the world was of the order of 8.21% in 2017-18.
• Africa region’s share in India’s total imports from the World accounted for 8.12% in 2017-18.

Trade opportunities in Africa:

• Africa present immense opportunities for India with the world’s largest land mass, 54 countries, a population growing to be almost equivalent to that of India, huge mineral resources, oil wealth, a youthful population, falling poverty levels and increasing consumption patterns.
• Thus, Africa has a huge demand for new business models for market entry, stable market access, entrepreneurship and investments in transport, telecom, tourism, financial services etc.
• Indian Diaspora in Africa constitutes 9.11% of the total Diaspora of India which is playing a vital role in all fields like politics, business and education. The major issues highlighted by the Indian

Business Community in Africa are:

• Improving the Line of Credit system and developing a facility for an affordable funding.
• Setting up of Indian Banks/financialinstitutions in Africa.
• Reviewing and liberalizing visa policies from both sides.
• Need for direct flights between the India and African countries.
• Exploring the possibility of rupee trade to address the issue of shortage of dollars in region.
• Development of a robust trade dispute settlement mechanism.
• Establishment of country chapters of FICCI or CII in Africa.
• Frequent visits of policy makers, chamber of commerce and investors for familiarization with local business and investment regime for informed decisions.

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Courtesy: PIB