Indian companies must invest in African countries as they offer resources and growth opportunities that can be a win-win situation for both sides, external affairs minister Sushma Swaraj said on Wedne
Indian companies must invest in African countries as they offer resources and growth opportunities that can be a win-win situation for both sides, external affairs minister Sushma Swaraj said on Wednesday.
Sharing her experience after meeting visiting foreign ministers of African nations, Ms Swaraj said that countries in that continent offer immense business and investment opportunities for India.
“Nowhere is the impact of economic growth and development as visible as in Africa... The day you combine your strength with their needs, that would be a win-win situation for both ...their needs would be fulfilled and you would make money,” she said while addressing the India-Africa Business Forum here.
The minister said that while trade between India and Africa has increased 10-fold in a decade to $72 billion in 2014-15, “its still way below its potential considering the size of India and Africa”.
She stressed that the 2.3 billion combined population of India and Africa offer a huge market for all sorts of goods and services.
“Today, India is the fastest growing major economy in the world, and Africa, a fastest growing Continent. Our respective economic growths provide unparalleled economic opportunities for our businesses and investors,” she said, adding that as India’s economy has grown and matured, considerable amount of capital generated in India seeks new destination outside the country, including in Africa. Indian companies have invested about $32.35 billion in Africa.
