Friday, 28 February 2014

Government to augment exports in Africa

With an earnest endeavor to enhance mutual trade with Africa, the government has recognized positive sectors of India’s exports to African countries that are currently performing very low as articulated by commerce ministry. Sudarsana Natchiappan, Minister of State of Commerce commented, “the sectors identified as having considerable potential for growth in exports from India to Africa are, namely, transport equipment, pharmaceutical products, machinery, plastic and linoleum products, textiles.” Not to mention, the ministry enlightened that in order to increase India’s exports specifically in these sectors, many trade promotion events and bilateral meetings with governments of various African countries have taken place in recent year. The statement added, “India show events have been held in South Africa during 2010, in Ethiopia during 2011, in Ghana during 2012, and in Tanzania during 2013.”
During fiscal year 2012-13, India-Africa bilateral trade valued $70.25 billion with a target to achieve $90 billion by the year 2015. Indicating a positive sign, the exports from India to Africa during 2012-13 have recorded an annual growth of 18.11% over exports in 2011-12 while the imports from Africa to India have experienced a decline of 6.79% over the previous year (2011-12). During the second meeting of India-Africa Business Council (IABC) held on October 1 at Johannesburg, South Africa, members from five groups greeted and discussed an action plan of engagement at bilateral, sub-regional and Pan-African levels to further boost trade, investment, technology transfer, skill development, capacity building and small industries.

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