Will support our industry to invest in Africa in big way: Mr. Goyal
- IBEF
- November 5, 2020
India will support large-scale investment by its domestic industry in Africa to further improve economic relations between the two regions, Minister of Commerce and Industry Mr. Piyush Goyal said on Wednesday.
He said bilateral trade, which has increased to approximately US$ 67 billion, reflects Africa's deep engagement with India.
He also added that, initiatives such as the African Continental Free Trade Agreement, will further encourage local investors and businesses to collaborate with Africa.
“Let us work together to create a supply chain between Africa and India that is more diverse, efficient and resilient. Let us also continue to keep our markets open and make trade between Africa and India smoother and more desirable. We promise you (that) we will support our industry to invest heavily in Africa,” he said at the Indo Africa Virtual Summit.
In addition, Mr. Goyal expressed hope that Africa's least developed countries (LDCs) would benefit from India 's extended Duty-Free Tariff Preference (DFTP) scheme.
This scheme has been expanded by India to 26 of Africa's LDCs. Under the scheme, lower duties are paid on imports of most goods from less developed nations.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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