Government straightening system to promote investment: VK Singh

NEW DELHI: Noting that straight-jacket approach of bureaucracy leads to delays, Minister of State for External Affairs Gen VK Singh today said the government is trying to "straighten the system" to ensure better investment climate for investors.

"There are problems. Those problems basically come up because we have a straight-jacketed system in our bureaucratic deals which is where a lot of delays take place...we are trying to straighten the system and we are trying to ensure the system is investor friendly," Singh said at an event here.

There are problems in grants or Line of Credits (LCs), he said, adding the government is trying to eliminate those issues.

Talking about investment opportunities for Indian businesses in the African nation Congo, the Minister said, there are already credit facility for cement plants, transportation system, communication and many more can be done to ensure development in that country.

Congo offers huge business opportunities in tourism, agro-industries, energy sectors etc, he added.

Speaking on the occasion, Minister of State for Finance Arjun Ram Meghwal said, there are opportunities in Congo as far as dairy and mining industries are concerned.

The Finance Ministry will try to remove hurdles from the Exim Bank's side and others to promote exports of projects to Africa, Meghwal added.