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7
May 2018
 |
Suresh Prabhu Railways minister (The Total Investment & Insurance
Solutions)
The
commerce ministry has decided to formulate a comprehensive action plan to boost
India's trade with Africa which is "relatively" small at present,
Union Minister Suresh Prabhu said.
A
series of engagements have been lined up in different parts of Africa to
discuss ways to promote trade and investments between the two regions, he said.
"As
part of our strategy to explore new markets, we are constantly engaging with
Africa where there is huge scope for exports...We have decided to prepare an
action plan to boost exports and imports from Africa," the commerce and
industry minister told PTI.
To
strengthen the dialogue on trade and investments, "we have divided them in
five parts - east, west, north, south and central", Prabhu said.
Deliberations have been completed in the
eastern part and soon similar engagements would be organised in places
including Algeria and Nigeria, he added.
"The
idea is to discover new markets. We are meeting them regularly... Trade is
relatively very small with Africa," Prabhu said.
With
India's exports growing at a relatively slower rate, Africa holds huge
potential to boost exports.
According
to experts, India needs to take more steps to increase cooperation with the
continent in various areas including services.
"India
has lot of prospects in Africa. We need to increase our engagement with the
continent. We have not yet exploited that fully as compared to China, which has
huge presence," said Biswajit Dhar, a professor of economics at Jawaharlal
Nehru University.
Prabhu
has earlier pitched for a free trade agreement with Africa to boost economic
ties between the two regions.
The commerce between India
and the African countries is about USD 52 billion currently.The
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