Tuesday, 23 August 2016

With India-Africa trade totaling $70 billion, New Delhi looking at investments from Africa

With India-Africa trade turnover standing at $70 billion, India is now looking for inward investments from Africa, a senior official said on Tuesday. “Total trade turnover between India and Africa is $70 billion,” Amar Sinha, Secretary (Economic Relations) in the Ministry of External Affairs, said at a curtainraiser here of the “I for Afrika” business networking event. “We are not only looking at investing in Africa, we are also looking at African investments in India,” Sinha said. Organised by the Indo-African Chamber of Commerce (IACCI), the eighth edition of “I for Afrika” is also supported by the Ministry of External Affairs and the Ministry of Commerce and will be held in Mumbai from September 27 to 30. The event is aimed at strengthening business partnerships between India and Africa with focus on sectors of high priority and enhancing capacity building initiatives and resources mobilisation programmes. Sinha said that India was taking many steps to reinvigorate and re-energise ties with Africa. In this connection, he referred to the high-level visits to nine African countries in the last six months — to three countries by President Pranab Mukherjee, to two by Vice President Hamid Ansari and to four by Prime Minister Narendra Modi.