Africa is proving to be a favourable market for Indian investment, particularly with more participation from the private sector, a senior Indian official has said.
Shailesh Nathan, Small and Medium Business Development Chamber of India's (SME) Regional Director (MENA) in a statement said that even though the figures may seem not so impressive from the mid 1990s until now, the growth rate of this investment segment is very high. His statement comes following the Third India Africa Forum Summit (IAFS) held in New Delhi in October where Prime Minister Modi reiterated that his government's interest in Africa was driven by the aim of empowerment, capacity building, human resource development, access to Indian market, and support for Indian investments in Africa.
“The African market cannot be overlooked, he said adding that more and more private sector to private sector trade is happening even though the infrastructure may not be as good as when compared with China,” Nathan said.