Trade and investment opportunities between India and Africa
Trade Promotion Council of India organised a webinar on Trade and investment opportunities between India and Africa on July 7, 2021. The webinar talked about trade and investment opportunities under the AfFCTA and also India’s role in Africa’s development in the post-pandemic context.
Trade Promotion Council of India organised a webinar on Trade and investment opportunities between India and Africa on July 7, 2021 at 3:00 pm IST.
India’s total imports from Africa were recorded at US$ 38.76 billion in 2019, falling to US$ 27.5 billion in 2020. Exports stood at US$ 29.59 billion in 2019, which fell to US$ 26 billion in 2020. Major products of exports from India to Africa include mineral fuels, pharmaceutical products, vehicles, cereals, machinery, plastics, sugar and chemicals.
Total trade has seen a huge transition from US$ 6.8 billion in 2003 to US$ 68.35 billion in 2019, before the onset of the COVID-19 pandemic.
India has used concessional lines of credit as a major instrument of development partnership to finance various development projects like railway lines, electrification, irrigation, farm mechanisation, etc. The relationship also extends beyond trade to numerous capacity building initiatives that include technology transfer, training programmes, ICT development, education, agriculture and healthcare.
Following is a detail of the esteemed participants in the webinar:
• Amb. Ismail Alatise, Deputy High Commissioner of Nigeria to India
• Mr. Ernest Nana Adjei, Minister-Counsellor, Political and Economic, Ghana High Commission, New Delhi
• Mr. Suresh Makhijani, Joint Director General, Trade Promotion Council of India
The discussion focussed on trade and investment as well as the role India can play in development initiatives for the African continent. Panelists also talked about the new opportunities that Indian companies can explore with the formalisation and launch of the African Continental Free Trade Area (AfCFTA) at the beginning of 2021.