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FICCI - Trade with Africa can reach US$ 50 billion

07
Apr '08
-FICCI and EXIM bank should organize seminars to make companies aware of the countries where loans on soft terms have not been utilized and what can be done to promote these countries.
-Individual country reports should be prepared outlining the current requirements of each country and the future demand trends.

Trade data for India and Africa shows that bilateral trade which stood at US$ 6.5 billion in the year 2002-03 increased to US$ 25 billion in 2006-07 – an increase of about 285% in just four years.

The FICCI Survey reveals certain products from India such as Textiles, compact cars, gems & Jewellery, agriculture machinery and farm implements, tractors, pumping systems are widely accepted across countries in the African region.

Given such optimism in trade with African nations, it is felt that doubling of exports to Africa to US$ 50 billion by 2012 is a distinct possibility.

Participants from the gems and jewellery sector mentioned that the twin combination of improving buying capacity and affinity towards gold and silver jewellery amongst people from the African region has improved prospects for jewellery exports from India.

FICCI


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