May 5, 2019
India has forwarded a concessional credit of US$10 billion to the continent for the period 2015-20, while rolling out a plan to develop 18 new diplomatic missions over 2018-2021
Indian firms have invested over US$54 billion in Africa so far, and the nation’s trade with the continent is now worth over US$62.7 billion, marking an annual jump of more than 21 per cent
India’s partnership in Africa currently includes around 180 lines of credit worth about US$11 billion in more than 40 countries that have offered development along with economic growth
Ties have been bolstered by the launch of the India-led International Solar Alliance (ISA) - a platform of more than 120 nations (including several from Africa) to drive global solar adoption
The Ministry of Commerce and Industry and the Indian High Commissions and Embassies in 11 African nations held an interaction through video conferencing over two days, May 3rd and 6th, to discuss future trade opportunities with the Indian business community in Africa. The interactions involved the Indian diaspora from Tanzania, Uganda, Kenya, Zambia, Mauritius, Nigeria, Mozambique, Ghana, Botswana, South Africa, and Madagascar. The initiative targeted effective engagement with the Indian Diaspora in Africa in order to further deepen and strengthen India-Africa trade ties.
The event was attended by more than 400 members of the Indian business community from the 11 African countries. India’s total trade with the African region during 2017-18 was valued at around US$62.7 billion, or about 8.2 per cent of India’s total trade with the World. The Africa region’s share in India’s total imports from the world accounted for around 8.1 per cent in 2017-18. Besides growing export markets, Africa offers investment opportunities for Indian firms in sectors such as financial services, energy and power, mining manufacturing, telecoms, transport, infrastructure, healthcare and agro processing. The latest initiative focused on a multi-pronged strategy to enhance trade and investment ties between India and Africa. Currently, the Indian Diaspora in the African countries is measured at around 2.8 million.
The major issues highlighted by the Indian business community from the 11 countries included:
Government of India has forwarded a concessional credit line of US$10 billion to the continent for the period 2015-20, while also rolling out a plan to develop 18 new diplomatic missions over 2018-2021. The 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships was held in New Delhi in March 2019, which further boosted the partnership between India and Africa’s growing economies. While India is the fastest growing major economy in the world, some of the sub-Saharan nations have featured among the top 10 fastest growing economies globally. Faced with similar developmental challenges and economic opportunities, India-African collaborations can empower socio-economic growth .