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India hosts its largest-ever Africa summit

  • India is Africa’s fourth-largest trading partner after China, the US and the EU.
  • South Africa is already a major coal supplier to India.
  • India’s current trade with Africa is around USD 75 billion dollar and it has granted a whopping USD 7.4 billion for various developmental and capacity building projects in the last four years.
  • India has implemented a total of 137 projects in 41 African countries during the period.
  • Representatives of 54 African nations including heads of state and government of around 40 countries and powerful African Union are expected to participate in the four-day India-Africa Summit beginning on October 26.
  • It aims to boost commercial and political ties with the continent amid China’s slowdown
  • Expanding trade ties will be a major focus area at the summit which will see participation of over 400 business delegates from Africa besides all major Indian chambers of commerce.
  • Stepping up trade ties, particularly in oil and gas sector, strengthening maritime cooperation and lifting the overall engagement to a new high will be the main agenda of the summit.
  • Energy will feature prominently in the talks as India faces huge energy deficit and imports 70 per cent of oil, mostly from the politically volatile Middle East.
  • Having a solid partnership in exploiting the blue economy will be another major focus area.
  • India’s assistance includes a commitment of 7.5 billion dollars toward African infrastructure with 137 projects in 41 countries.
  • Although India’s headline economic growth has overtaken China’s, its economy is one-fifth the size and it lacks the financial heft to challenge Beijing in a head-to-head contest for the African market.

Source: TheIndianExpress, EconomicTimes

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One comment

  1. India is Africa’s fourth-largest trading partner after China, the US and the EU.
    South Africa is already a major coal supplier to India

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