“This is the beginning of a new engagement and reaffirmed that India would act as a trusted partner to expand trade, commerce, business, investment and opportunities between the two nations.India is open to FTA negotiations bilaterally or individually with African countries or Africa as a whole,” said Goyal.
Union Minister for Commerce and Industry Piyush Goyal hosted 15 ambassadors from African countries on Thursday to discuss ways to strengthen trade and investment ties between India and the African countries.
The bilateral trade between India and 48 African countries was USD 74.86 billion in 2021-22, witnessing a growth of 59.91% compared to 2020-21.
Ambassadors from key African nations namely Algeria, Botswana, Egypt, Ghana, Republic of Guinea, Kenya, Malawi, Mozambique, Morocco, Rwanda, South Africa, Tanzania, Togo, Uganda and Zimbabwe discussed ways to improve their partnership with India, thereby promoting bilateral trade, registering new partnerships.
According to data available at the Ministry of Commerce and Industry, India’s exports to Sub Saharan Africa (SSA) region were at USD 33.08 billion and recorded a growth of 44.31% in 2021-22 vis a vis 2020-21. Whereas India’s imports from SSA region registered a growth of 74.87%, and were valued at USD 41.77 billion during the same period.India primarily exports petroleum products and pharmacueticals to Africa. While on the other hand India imports gold, crude oil, coal and other minerals from it. India’s attempt to have fruitful ties with African countries is in tune with the fact that the continent is surfaced with abundant natural resources, an aid for Indian businesses, which can boost economic activity and trade between India and Africa.
“Through increased trade and investment, both India and Africa can benefit from each other’s strengths and expertise, fostering inclusive growth and job creation,” a release by the Ministry said.