As a developing nation with a rich history of international cooperation, India has emerged as a key partner in the development of African countries since Mahamat Gandhi’s time. India is still actively continuing to contribute to the growth and prosperity of the African continent.
Since the first India-Africa Forum summit held in April 2008 in New Delhi, a steady growth was noticed in the cooperation, in terms of volume and diversification.
India-Africa trade has grown 18 percent annually, to reach $103 billion in 2023. This makes India, Africa’s third largest trading partner after the European Union and China. And the Confederation of Indian Industry aims to increase this, to $150 billion by 2030.
A realistic goal, knowing the eagerness of African countries to diversify their trade relations across the world with new partners and beyond the traditional colonial network of cooperation.
The upcoming India-Africa summit in Mauritius in July 2024, will certainly boost this cooperation. One of the objectives will be to connect with the innovative startups, pioneering ventures, cross border facilitators, advisors, institutional investors, along the India-Africa network.
One of the primary areas of India’s support is capacity building. India plays a crucial role in aiding African development through a comprehensive approach. This includes capacity building programs tailored to African needs, financial assistance in the form of credit lines and grants, and technology transfer initiatives spanning renewable energy, ICT, and healthcare.
Annually, India offers up to 900 scholarships to African students. And this is increasing. And one of the flagship programmes of India in the continent is the – Pan-African e-network, a joint effort of India and the African Union with an aim to provide satellite connectivity, tele-education, and tele-medicine services to the African countries.
India’s EXIM Bank has devoted 50 percent of its international financing, technical assistance, and trade promotion schemes to Africa. And India has decided to join since 1983, the African Development Bank (ADB). And most Indian aid is now channeled through this panafrican Bank.
This is why Shri Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, recently said, quoting his prime minister Narendra Modi that “Africa will be at the top of our priorities. We will continue to intensify and deepen our engagement with Africa. As we have shown, it will be sustained and regular“. And he added” this partnership can drive the global progress in this century”.
Indeed, the collaborative efforts in manufacturing, agriculture, culture, and education further solidify this partnership. Such endeavors underscore the potential of South-South cooperation in addressing Africa’s developmental challenges.
India’s support for African development encompasses capacity building, financial assistance, technology transfer, and collaborative efforts across various sectors. These initiatives contribute to the growth and prosperity of both regions, fostering a mutually beneficial partnership.