India, Africa bilateral trade to cross USD 100 billion mark in next two years: Naqvi

Union Minister Mukhtar Abbas Naqvi on Tuesday said the bilateral trade between India and Africa will cross USD 100 billion mark in next two years, owing toimprovement in business environment in India and better connectivity across the African continent.

The bilateral trade between India and the African nations was recorded around USD 57 billion in 2015-16.

"Africa offers lucrative business opportunities for Indian micro, small and medium enterprises (MSMEs) across diverse sectors such as FMCG (fast moving consumer goods), mining and minerals, telecommunications, construction and others," Naqvi said at a conference organised by Assocham.

He observed that India is attracting business leaders and investors from across the globe as the government has been able to build a conducive business environment aimed at inclusive growth, according to a press release issued by Assocham.

The minority affairs minister also said it is due to the various reforms ushered in by the Centre that even global rating agencies and noted economists have impressed upon India as a very 'safe and strong' investment destination.

In apparent reference the previous UPA government led by Congress, the Minority Affairs Minister said, "When we had come to power there was an atmosphere of policy paralysis and corrupt practices were prevalent but we have succeeded in reversing that through various reforms".