Latest News | Will Support Our Industry to Invest in Africa in Big Way: Goyal

New Delhi, Nov 4 (PTI) India will support its domestic industry to invest in Africa in a big way in order to further strengthen economic ties between the two regions, Commerce and Industry Minister Piyush Goyal said on Wednesday.

He said bilateral trade, which has increased to about USD 67 billion, reflects the deep engagement between Africa and India. 

Also Read | What Are Green Crackers for Diwali 2020? Know Everything About Eco-Friendly Firecrackers That Will be Allowed to Burst During Deepavali.

The minister also said initiatives like the African Continental Free Trade Agreement will further help Indian investors and businesses to engage with Africa. 

"Let us work together to build a more diverse, robust and resilient supply chain between Africa and India. Let us also resolve to keep our markets open and make it easier and more attractive to trade between Africa and India.

Also Read | Kerala Withdraws General Consent to CBI After Maharashtra; Know What General Consent Is and What Happens if It is Withdrawn.

"We assure you (that) we will support our industry to invest in Africa in a big way," he said while addressing the Indo Africa Virtual Summit.

Further, Goyal expressed hope that the least developed countries (LDCs) of Africa would take advantage of duty free tariff preference (DFTP) scheme extended by India.

India has extended this scheme to 26 of the LDCs in Africa. Under the scheme, import of most products from least developed nations attract lower duties.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)