The Africa-India trade cooperation is expected to grow even further as the country has put the continent as its top priority in its foreign and economics policies.
This was revealed by India Prime Minister Narendra Modi at the 52nd African Development Bank meeting in Ahmedabad, India earlier today.
Bilateral trade between India and Africa has jumped from $11.9 billion in 2006 to $56.7 billion in 2016.
The Times of India quoted Modi saying:”Africa is a top priority for India’s foreign and economic policy and there isn’t a single African country which hasn’t been visited by an Indian minister.”
He said India’s partnership with Africa is based on a model of cooperation which is responsive to the needs of African countries.
“India has had strong ties with Africa for centuries and the rich Swahili language includes some Hindi words.
I am proud to say that there is no country in Africa that hasn’t been visited by an Indian minister in the last three years,” Modi said. The paper reported that Modi and senior government officials have together visited 16 African countries in the last few years.
“After assuming office in 2014, I have made Africa a top priority for India’s foreign and economic policy,” he said.
Indian Administrative Services (IAS) Joint Secretary in the Ministry of Commerce and Industry, Manoj Dwivedi identified four missing links in India-Africa trade and investment that needed to be addressed:
He listed these as an inability of African countries to exploit the preferential trade agreements provided by India, the need for capacity building of small enterprises in Africa, the use of technology to develop crucial sectors such as education and the inability of Indian financial
institutions to push credit facilities to banks in Africa.
-Times of India