No fruitful trade relationship with African nations can be built without supplementing and complementing it with an equally organic and trustworthy investment relationship where capital can flow into key African development sectors seamlessly and only then mutual economic benefit can be derived, said Mr D.S. Rawat, secretary general of The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
As both India and Africa aim to increase bilateral trade five fold to $500 billion by 2020, it will be critical for governments, industry and other key stakeholders to focus on greater market access, availability of trade finance and simplification of bilateral business processes and tax regime, said Mr Rawat.
Pharmaceuticals, capital goods, automobiles and spare parts are some sectors offering new trade opportunities that need focus to enhance trade relations between the two regions, he said. Consumer goods, wholesale and retail, construction, housing, telecom, financial and banking services are the sectors where India can engage itself with African nations at various levels.
Indian hospitals, medical professionals together with Indian medicines can provide the basis for an affordable treatment in Africa which would go a long way in strengthening its relations with India, added Mr Rawat.
Social insurance services are also one option as its advantages include promoting equity, solidarity and affordability, he said further.
Confidence and trust building measures like establishing skill development institutes and research facilities, more direct business-to-business interactions, workshops and seminars, have to be further increased with immediate effect - to create a conducive atmosphere for talks between India and Africa.
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