Swaraj pitches for ‘Make in India’ to boost trade ties with Africa
The government has asked Indian and African business enterprises to come forward and forge business partnerships in the backdrop of “Make in India” initiative in order to promote investments and boost bilateral trade. Speaking at the 3rd India Africa Forum Summit on Thursday, External Affairs Minister Sushma Swaraj pointed out that India and Africa need to extend cooperation and collaboration in several key sectors. Swaraj hoped that African countries will take more steps to attract Indian investments. “There was a time when India and Africa were one landmass, united by geology. Today, we are united by our common goal for progress, prosperity and peace around the world,” she said. On Wednesday, FICCI, in association with Exim Bank, organised “India Africa Business Summit”, which was attended by delegates of around 54 African countries as well as the ECOWAS Bank for Investment and Development, PTA Bank, BOAD, DBSA and Afrexim Bank, and representatives from business community. Commerce Minister Nirmala Sitharaman who was present at the Wednesday’s event advised African think-tanks and financial institutions to take advantage of the Duty Free Tariff Preferences (DFTP) offered by India to 34 least-developed countries to bridge gaps between Indian and African markets. “India has offered the Duty Free Tariff Preferences (DFTP) scheme for LDCs which provides duty free market access on over 95% of tariff lines. Not many countries have offered such overarching reduction in tariffs for LDCs, including those in Africa,” Sitharaman said. Stating tourism, healthcare, hospitality and ICT as potential sectors for investment, the minister said, “India is looking at the feasibility of providing cost-effective credit facilities to build capacities in other developing nations, particularly in Africa.” Affirming India’s commitment to support Africa in its developmental efforts, Coal Minister Piyush Goyal said, “India would continue to collaborate with countries in Africa in achieving their developmental endeavors, through sharing of technology, expertise, skill sets and capacity building endeavors.” Anil Swarup, Secretary, Ministry of Coal, highlighted the unprecedented growth of Indian coal industry and said, “India would be keen to partner with Africa to explore business opportunities in the coal sector by way of exploration, mining, development of coal sector projects and mines in African countries by Indian companies.”
October 29, 2015 | 5:30pm IST.
to success.