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India-Africa trade likely to cross $100 bn in 2 yrs: Naqvi

Press Trust of India  |  New Delhi 

Union Minister today said the bilateral trade between and will cross USD 100 billion mark in next two years, owing to improvement in business environment in and better connectivity across the African continent.

The bilateral trade between and the African nations was recorded around USD 57 billion in 2015-16.

"offers lucrative business opportunities for Indian micro, small and medium enterprises (MSMEs) across diverse sectors such as FMCG (fast moving consumer goods), mining and minerals, telecommunications, construction and others," Naqvi said at a conference organised by Assocham.

He observed that India is attracting business leaders and investors from across the globe as the has been able to build a conducive business environment aimed at inclusive growth, according to a press release issued by Assocham.

The minority affairs minister also said it is due to the various reforms ushered in by the Centre that even global rating agencies and noted economists have impressed upon India as a very 'safe and strong' investment destination.

In apparent reference the previous UPA led by Congress, the Minority Affairs Minister said, "When we had come to power there was an atmosphere of policy paralysis and corrupt practices were prevalent but we have succeeded in reversing that through various reforms".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 18:50 IST