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India: Africa, India keen on strengthening bilateral relations

2016/03/19

Trade between India and Africa has risen several folds over the years. According to statistics, bilateral trade grew to 72 billion US dollars in the fiscal 2014-15 from 30 billion in 2007.

It is against this backdrop that the 11th India-Africa Business Conclave in New Delhi was aimed at boosting bilateral relations between the two.

The summit was attended by over 400 delegates from 37 African nations.

India continues to pave way to become one of Africa’s greatest trade partners in various fields as the country is gaining ground largely in the energy sector led by private entrepreneurs.

Since the initial India-Africa summit eight years ago, India has offered and provided billions of dollars of concessional loans and aid to African nations.

Last year, India offered Africa a 10 billion US dollar concessional credit as part of an ongoing credit programme over the next five years. Additionally, India has offered a grant assistance of 600 million US dollars.

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