In less than a decade, Afro-Indo trade has crossed US$ 70 bn: Modi

India is now a major source of business investments in Africa. Today, 34 African countries enjoy duty free access to the Indian market, Modi said.

“In less than a decade, our trade has more than doubled to over US$ 70 billion,” said Prime Minister Narendra Modi at an inaugral ceremony of the 3rd India-Africa Forum Summit in New Delhi.

“India is now a major source of business investments in Africa. Today, 34 African countries enjoy duty free access to the Indian market,” noted the PM.

He further added that African energy helps run the engine of the Indian economy; its resources are powering our industries; and, African prosperity offers growing market for Indian products. India has committed 7.4 billion dollars in concessional credit and 1.2 billion dollars in grant since the first India-Africa Summit in 2008. It is creating 100 capacity building institutions, and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa. In the last three years alone, nearly 25,000 young Africans have been trained and educated in India. They are the 25,000 new links between us.

“To add strength to our partnership, India will offer concessional credit of 10 billion U.S. dollars over the next five years. This will be in addition to our ongoing credit programme.
We will also offer a grant assistance of US$ 600 mn. This will include an India-Africa Development Fund of US$ 100 mn and an India-Africa Health Fund of US$ 10 mn. It will also include 50,000 scholarships in India over the next five years. And, it will support the expansion of the Pan Africa E-Network and institutions of skilling, training and learning across Africa,” noted Modi.

“Four hundred thousand new businesses were registered in Africa in 2013; and, mobile telephone now reaches 95% of the population in many places. Africa is now joining the global mainstream of innovation. The mobile banking of M-Pesa, the healthcare innovation of MedAfrica, or the agriculture innovation of AgriManagr and Kilimo Salama, are using mobile and digital technology to transform lives in Africa,” said Modi.