India-Africa trade surpasses $100 billion, nearly doubles in 5 years

New Delhi, Aug 28 (IANS) Minister of State (MoS) for External Affairs, Kirti Vardhan Singh, has said that the India-Africa trade has surpassed $100 billion in FY 2024-25, up from $56 billion in FY 2019-20.

Further, with cumulative investments over $75 billion from 1996 to 2024, India ranked among the top five investors in Africa, the minister said at the inaugural session of the 20th CII India-Africa Business Conclave here.

Singh informed that India has provided over $12 billion in concessional loans and $700 million in grant assistance for projects in Africa. Further, India has offered 50,000 scholarships for African youth, of which more than 42,000 have already been utilised.

The minister stressed that Africa continues to play an important role in India's foreign policy and recalled that the African Union was given permanent membership of the G20 during India's presidency.

"We put emphasis on Africa's rightful place at the global high table," the Union Minister said.

India has supported Africa during times of need, recalling relief operations in Mozambique, Madagascar, Mauritius and several other countries, Singh said, adding that a strong bilateral relationship is being formed to co-create a shared future, built on mutual trust and collaborative efforts.

The minister invited African nations to join the Coalition for Disaster Resilient Infrastructure and the International Solar Alliance to strengthen collaboration in climate and clean energy.

With a strong diaspora of 3.5 billion, India's Africa policy is characterised by a pragmatic and issue-based approach. PM Narendra Modi visited Ghana earlier this month and talked about development cooperation that is demand-driven and focused on developing local capacity and creating local opportunities.

African countries like Zimbabwe have invited Indian companies to explore opportunities in lithium mining for electric vehicles, agriculture and food processing, pharmaceuticals, ICT, and infrastructure.

--IANS

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