In order to increase trade and investment with Africa, the commerce ministry has said Indian businesses in Africa have suggested the government to take steps such as improving line of credit system, setting up of banks and liberalise visa policies. They further said start direct flights between the India and African countries; exploring possibility of rupee trade to address the issue of shortage of dollars; creation of common database of buyer-suppliers; development of a robust trade dispute settlement mechanism; and establishment of country chapters of FICCI or CII in Africa.
Department of Commerce welcomed the suggestions and assured them that these suggestions will be shared with relevant stakeholders /Departments in order to incorporate the suggestions in the India-Africa strategy for trade promotion.
Besides, the ministry stated, as per the latest available estimates, the current strength of the Indian Diaspora in the African countries is 2.8 million and out of those 2.5 million are PIOs and rest 2,20,967 are NRIs. The India's total trade with the African region during 2017-18 was $62.69 billion.
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