Bid to boost India, Africa trade ties

Finance Minister Arun Jaitley will discuss potential areas of boosting cooperation between India and Africa here on Monday. Mr. Jaitley will open the India-Africa Cooperation session being held in conjunction with the annual meeting of the African Development Bank (AfDB).

 

The sessions will cover areas such as trade and investment, agriculture, renewable energy and manufacturing among others. Total trade between India and Africa increased almost five-fold between 2005-06 and 2015-16, and stood at $52 billion in March 2016-17.

 

This is the first time that the African Development Bank is holding its annual meeting outside of the African continent.

 

India’s exports to Africa increased from $14 billion in 2007-08 to $23 billion in 2016-17, with compound annual growth rate of 5.6%.

 

Indian imports from Africa increased from $20 billion in 2007-08 to $28 billion in 2016-17 accounting for 7.5% of total Indian imports.

 

Heads of states from Benin and Rwanda and other African countries as well as vice-presidents from Comoros and Cote d’Ivoire and AfDB president Akinwumi Adesina are expected to address the sessions.

 

Source: The Hindu