The slowdown in China provides India an opportunity to move deep into the African continent, strengthen business and economic ties. The India-Africa summit will be a perfect setting for business communities from India and African nations to explore areas of cooperation and provide a roadmap to their governments.
Economic and Trade relations between India and Africa have been on the slow track despite several Indian companies having a presence in the continent. The current trade is estimated around $75 billion. More than 165 Indian companies invested in Africa between January 2003 and July 2015 in telecom, infrastructure, pharmaceuticals, healthcare and elsewhere.
The deeper cooperation in agriculture and agro-processing, engineering, textiles, leather and pharmaceuticals would have a positive impact on food security, raise health standards and create jobs in Africa and India. Food processing is a key area identified by both sides. Tourism too holds promise. Several African countries have high growth and are keen to engage with India.
Others would want Indian expertise in various sectors to speed up economic expansion. There’s been growing interest in many African countries to do more business with the East and that includes India and China. But there are issues to be addressed for smoother trade ties. Connectivity, banking links and security issues must be resolved.
Facts about Africa…
- The African continent has the second largest population in the world, at about one billion people.
- Over one thousand languages are spoken by the people of Africa. Some estimates put this number closer to two thousand.
- The largest religion in Africa is Islam, followed by Christianity.
- The African population is approximately 14.72% of the world’s population (as of 2009).
- The oldest human remains ever discovered were found in Ethiopia. They are approximately 200,000 years old.
India-Africa summit is being held from and which country is hosting?