India looks to double trade with Africa to $100 bn in two years

Posted by Daily Shipping Times on 22-05-2017        Tweet

NEW DELHI: Ahead of the African Development Bank’s first annual conference to be held in Ahmedabad next week, the Government has said India wants to offer a consultative and cooperative model of assistance to Africa. India has set a target to double the trade with Africa to $100 billion in two years. Africa is not only an important market for Indian goods, but also a major destination for Indian capital with some $54 billion invested in the continent in mining and engineering projects.

Underlining security and economy as the driving imperatives of India’s current outreach to Africa, Amar Sinha, MEA Secretary (Economic Relations), said the Country has chosen to be Africa’s partner in development, focusing more on building capacities for the African countries. India provides technical assistance and training in soft skills, he added. Sinha was delivering a keynote address at the round-table discussion on ‘Africa’s Security Challenges’, organised by the Institute for Defence Studies and Analyses (IDSA) in collaboration with the African Studies Association of India to commemorate Africa Day next week.