New Delhi, Apr 7 (UNI) The bilateral trade between India and Africa, which stood at 25 billion dollars in 2006-07, can be doubled to 50 billion dollars in the next five years, if the government zeroes in on a nine-point package of measures, a survey said today.
''The buoyant trade between India and Africa, reckoned at 25 billion dollars in 2006-07, can be doubled to 50 billion dollars in five years,'' said the survey conducted by industry chamber FICCI.
The survey on 'Strenghthening Economic Engagement between India and Africa' saw participation from 41 firms.
The measures include setting up of an Africa Promotion Council, entering into preferential trade agreements, strengthening trade promotion cells in Indian missions and incentivising exports, particularly project exports.
The respondents said that the government should further enhance the credit lines extended to African countries as this would only lead to more and more exports from the country.
The participating companies present the entire industries such as automobiles, food processing, ceramics, oil and gas, infrastructure, agri-bio products, farm equipment and machinery, sanitary-ware, electrical equipment and machinery, textiles, apparel and gems and jewellery.
The chamber was in favour of incentivising the exports to Africa.
Many respondents feel that a special package must be announced by the government to push Indian exports into the African market.
Lot of respondents said Indian companies should further explore the option of exporting different variants of small cars, which is growing at a reasonable pace in the African markets, to the African region.
The local firms should also look at exporting gems and jewellery, agriculture and farm equipment and construction products.
UNI SBA PDT PM1655