Confident that India-Africa trade will cross $100 billion: EAM Jaishankar

India-Africa trade will cross $100 billion soon, according to India’s External Affairs Minister S Jaishankar. Speaking at the CII-EXIM Bank Conclave on the India-Africa Growth Partnership, Jaishankar stated that trade between India and the African continent had jumped to $98.billion in 2022-23 as compared to a sum of $89.6 billion the previous year.

India’s top diplomat also spoke of India’s robust development partnership with the continent. India, Jaishankar said, had extended over USD 12.37 billion in concessional loans to Africa. India has completed 197 projects, 65 are under execution and 81 are in the pre-execution stage.

Drinking water, irrigation, rural solar electrification plants and rural sugar and textile factories are part of India’s development outreach to the continent. Jaishankar also pointed to Inia’s medical support to numerous African nations during the pandemic as a case of India’s continued outreach to the country. He also spoke of how Indian and African nations worked together during the pandemic to go to the World Trade Organisation for vaccine access.

“For India, the rise of Africa is key to global rebalancing.” Jaishankar said.

India is also interested in building capacity in Africa, he added. He added that India had provided scholarships to 42,000 students from the continent since 2015, including some senior leaders.

Looking forward, Jaishankar expressed the hope that the African Continental Free Trade Area Agreement, which was signed in 2021, would provide a filip to Indian companies looking to work in Africa.

He added that India was among the top five large investors in Africa. France, America, the United Kingdom and China were the other top investors in the continent.