India gears up to boost trade ties with African countries
The India-Africa Summit beginning next week is expected to enhance India’s trade ties with 54 African countries covering various sectors including energy, healthcare and technology, the government has said. According to the Foreign Ministry officials, more than 400 business delegations from 54 African countries will explore ways to boost trade ties with Indian industries during the four-day summit scheduled to be held in New Delhi October 26-29. On the sidelines of the Summit, industries bodies from across Africa and India will take part in an exhibition which is structured on five themes—energy, health, infrastructure, technology and innovation. The exhibition will be held on October 27-29. “As of now, more than 400 business delegates from Africa have registered and we expect all major Indian business companies who have an interest in Africa to participate,” said Syed Akbaruddin, Additional Secretary and Chief Coordinator, India Africa Summit (IAFS). Besides, industry bodies will also hold a business forum on October 28. “…the fact that there is a Trade Ministers’ meeting on the 23rd preceding the summit, shows that there is huge amount of interest. And I am sure that in the years to come this trade will only go northwards,” Navtej Singh Sarna, Secretary (West) told reporters on Friday. Sarna said that the India Africa Summit which began in 2008 as part of a structured engagement was meant to lay out a three-layered relationship – bilateral, regional as well as pan-African – “with the concentration being on trade, training, and technology”. At present, India’s trade with African countries is estimated to be around $70 billion, of which Africa’s imports from India was worth $30.74 billion. Sarna said that India’s trade with the continent has increased 20 times in the past 15 years. “Our investment is anywhere between $30 to 35 billion in Africa. We have managed to extend concessional credit to the tune of $7.4 billion, most of which stands approved and at least half of which stands disbursed. This concessional credit is responsible for the creation of about 137 projects in 41 countries today,” he added. The Summit will also focus on maritime cooperation and increasing Indian presence in the continent. Describing the potential of the continent, Sarna said that some of the fastest growing economies in the world are on the African continent which has large amounts of arable land and abundant mineral resources. “It (Africa) has got a long coastline, very important in trade and strategic terms, of 26,000 km,” he said. Besides, several African countries like Kenya, Nigeria, Tanzania and Sudan have oil and gas reserves which India plans to invest in. Other potential areas of cooperation include agriculture, healthcare and infrastructure sector. “With all this arable land Africa needs food from outside. There is healthcare. We have potential of providing healthcare and we are a destination of medical tourism. There is the aspect of Africa itself as an investment destination, Africa itself as a market for Indian investments and Indian goods. And perhaps the most important aspect is education and skill development,” Sarna said. Ahead of the Summit, the Commerce Ministry is also organising the India Africa Trade Ministers' Meeting (IATMM) on October 23.
October 19, 2015 | 3:16pm IST.
to success.