Ahead of Prime Minister Narendra Modi's four-nation tour of African countries, Assocham today said trade agreements at bilateral and multilateral levels along with investment and capacity building cooperation are needed to fructify unity between the two regions.
"No fruitful trade relationship with African nations can be built without supplementing and complementing it with an equally organic and trustworthy investment relationship where capital can flow into key African development sectors seamlessly and only then mutual economic benefit can be derived," Assocham Secretary General D S Rawat said.
Ahead of his departure, Modi today said his four-nation tour of African countries is aimed at enhancing ties with that continent, particularly in the economic sphere and people-to-people contacts.
Modi will begin his tour with Mozambique and then travel to South Africa, Tanzania and Kenya.
Focus of the visit will be on deepening cooperation in areas of hydrocarbons, maritime security, trade and investment, agriculture and food.
Rawat outlined sectors like pharmaceuticals, capital goods, automobiles and spare parts are areas offering new trade opportunities that need focus to enhance trade relations between India and Africa.
"Consumer goods, wholesale and retail, construction, housing, telecom, financial and banking services are the sectors where India can engage itself with African nations at various levels," he said.
