As the 20th CII India-Africa Business Conclave kicked off in Delhi on Wednesday, Union minister of State for External Affairs, Kirti Vardhan Singh, hailed the boost in trade ties between the two, and said India had emerged as one of the top-five investors in the continent.
Throwing light on the business ties between India and Africa, Singh said India has extended concessional loans worth over USD 12 billion and USD 700 million in grant assistance for projects across Africa, apart from offering 50,000 scholarships for African youth, of which more than 42,000 have already been utilised.
"This year's theme is different as we have decided to move from project partnership and growth partnership to the spirit of 'Co-creating a Shared Future', which signifies the sentiment attached to this remarkable journey," he said.
"India's bilateral trade with Africa has crossed the magical figure of USD 100 billion in 2024-25, compared to USD 56 billion in 2019-2020. With cumulative investments over USD 75 billion from 1996-2024, India is among the top five largest investors in Africa," the minister added.
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Stressing upon the role that Africa has played in India’s foreign policy, Singh 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," he said.
Highlighting the strategic partnership between the two, Singh said India stands with Africa in times of need, such as during relief operations in Mozambique, Madagascar, Mauritius and several other countries.
Inviting African nations to join the ‘Coalition for Disaster Resilient Infrastructure’ as well as the ‘International Solar Alliance’ to strengthen cooperation in climate and clean energy, the minister said India and Africa are “shaping a strong partnership to co-create a shared future, built on mutual trust and collaborative efforts”.
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