Multi-pronged strategy needed to tap Indo-Africa trade potential: Prabhu

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.