Make in India is our biggest brand: PM Modi to South African business leaders
Aiming to boost ties with Africa, Modi said, "Today, India is a bright star in the global economy. We are being seen as the engine of global growth. India has become the fastest growing large economy in the world. At a time of global slowdown, we have registered 7.6% growth in GDP."
He highlighted that World Bank, IMF and other institutions have projected even better growth in the coming days.
"Not only that, in 2014-15, India contributed 12.5% of global growth. Its contribution to global growth is 68% higher than its share of the world economy. The FDI in this year has been the highest ever," PM Modi claimed.
He said the ratings agency Moody's has said that FDI inflows were all-time high in 2016, highlighting the success of our 'Make in India' initiative.
Taking pride in his initiative, PM Modi said that, "Make in India has become the biggest brand that India has ever had. Both within and outside the country, it has captured the imagination of people, institutions, industries, businesses, media and the political leadership. As part of the Make in India exercise, we have given emphasis on Ease of Doing Business."
He said that for Indian companies, "South Africa is a home in this continent."
"Many leading Indian companies have a foot-print here. They are engaged in a wide range of activities. Many Indian CEOs are here with us. My advice to them is to see that their business results into socio--economic transformation of this great country," said he.
Making an urge for boosting economic cooperation, Modi said: "South African business excellence and Indian capacities must leverage each other; for growth and development in our two countries."
"South Africa is India's key trade and investment partner. In the last ten years, bilateral trade has grown almost 380%. The story of investments also continues to be bright. There is continuous flow of investments both ways," said the Indian PM.
He said both countries must look at ways to diversify "our trade basket, to complement our needs and to serve the people."
"Our active partnership across various facets and forums is a testimony to the fact that such engagement is possible," Modi said.
Image: PMO India Twitter page
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