A multi-pronged strategy is needed to tap the trade potential between India and Africa, Commerce Minister Suresh Prabhu has said.
Addressing Indo-Africa Strategic Economic Co-operation meet here Wednesday, he said any strategy for enhancing bilateral trade between Africa-India will critically hinge on the scope for value chain integrations in various manufacturing and services segments.
Bilateral trade between Africa and India has increased from around USD 7 billion in 2001 to USD 60 billion in 2017, the commerce ministry said in a statement Thursday quoting the minister.
Prabhu also stressed on the need for right kind of investments in Africa in areas like manufacturing as the continent provides right resources including low-cost labour and abundant natural resources.
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