India will support its domestic industry to invest in Africa in a big way in order to further strengthen economic ties between the two regions, Commerce and Industry Minister Piyush Goyal said on Wednesday.
He said bilateral trade, which has increased to about USD 67 billion, reflects the deep engagement between Africa and India.
The minister also said initiatives like the African Continental Free Trade Agreement will further help Indian investors and businesses to engage with Africa.
"Let us work together to build a more diverse, robust and resilient supply chain between Africa and India. Let us also resolve to keep our markets open and make it easier and more attractive to trade between Africa and India.
"We assure you (that) we will support our industry to invest in Africa in a big way," he said while addressing the Indo Africa Virtual Summit.
Further, Goyal expressed hope that the least developed countries (LDCs) of Africa would take advantage of duty free tariff preference (DFTP) scheme extended by India.
India has extended this scheme to 26 of the LDCs in Africa. Under the scheme, import of most products from least developed nations attract lower duties.
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