India to facilitate smoother business with AfricaJanuary 20th, 2009 - 10:30 pm ICT by IANS
New Delhi, Jan 20 (IANS) India will put in a mechanism to ensure a smoother road for businesses for opening letter of credit and receipt of payments through banks and financial institutions, External Affairs Minister of State Anand Sharma here today.In his address at the valedictory session of the India-Africa Business Partnership summit, the minister said Indian missions in Africa had complaints about difficulty in financial transactions, especially in opening letters of credit.
“We advise the banks and financial institutions concerned to deal with the problem expeditiously. This information can be circulated to banks in India so that the matter can be sorted out,” he said.
Trade volumes have increased nearly six-fold in the last five years to about $30 billion.
Sharma suggested that India should get more valued added imports from Africa. “I would also like to encourage our business chambers and trade bodies to devote special attention to promoting commercial relations through periodic exchange of delegations and business events,” he said.
He added that India’s commitment to Africa was total and not determined by any cyclical patterns. “India’s focus has always been and shall continue to be on capacity building, skill enhancement and human resource development in Africa.”