India’s trade with Africa is on the rise, approaching the $100 billion mark, with cumulative investments now exceeding $75 billion, according to the Ministry of External Affairs.
This milestone underscores India’s strong economic ties with Africa, where it has emerged as the continent’s fourth-largest trading partner and fifth-largest investor. The increase also reflects India’s commitment to supporting development across the Global South.
Special Secretary Shri P. Kumaran, speaking to journalists from ten Central and West African nations, highlighted the pillars underpinning India’s foreign policy towards Africa: development partnership and capacity building, trade and investment, strong people-to-people ties, and cooperation on defence and maritime security.
“India and Africa share a multifaceted economic relationship,” he noted, adding that India has been extending its developmental experience and technical expertise to other developing nations despite limited resources.
With over 300 Lines of Credit (LOCs) valued at $31 billion, India’s assistance spans 68 countries, including significant support for Africa, where $12 billion has been extended across 42 nations. This funding has supported 336 developmental projects, of which 208 have been completed, 85 are currently under way, and others are in preparatory stages.
Some standout projects include landmark infrastructure in Africa, such as the Parliament Building in Gambia, Ghana’s Presidential Palace, and Sudan’s Kosti Power Project, which supplies a third of the country’s electricity. Other critical contributions include Tanzania’s Upper Ruvu Water Treatment Plant and various “first-ever” industrial facilities, like Djibouti’s first cement plant, Mauritania’s first milk processing facility, and Ghana’s first sugar factory.
Beyond LOCs, India has invested nearly $4 billion in outright grants for projects across multiple nations, reinforcing its commitment to the development of the Global South.
Mr. Kumaran emphasized the importance of stronger representation and reform within global governance bodies, including the UN Security Council, IMF, and World Bank, to give the Global South a louder voice on the world stage. He reiterated India’s commitment to fostering South-South cooperation, urging developing nations to join forces on shared priorities and solutions to complex global issues.
Source:TheDotNews