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With growth in the developed world still shaky, India and Africa have a great opportunity to increase trade as equal partners, said Commerce Minister Nirmala Sitharaman.
“There has been an increase in India-Africa trade over the past few years,” Sitharaman said speaking at the ‘India-Africa Project Partnership’ conclave on Monday, adding that it could grow manifold in the future.
The conclave, jointly organised by the Centre, Exim Bank, and industry body CII, is a platform to bring together Indian and African entrepreneurs and decision makers. Identifying thrust areas for partnership, the Minister said that renewable energy, health care and the pharmaceutical sectors had potential for increased investments.
“India is the hub for low-cost bulk drug manufacturing and Africa could benefit immensely from it,” she said.
Sitharaman also said that India could play an important role in food security of Africa and can handhold African countries in bringing about a green revolution. More than 400 international delegates, including over 30 Ministerial level delegates, from 37 African countries, participated in the conclave. India’s exports to African countries were around $35 billion in 2015-16 while its imports were at $31 billion.
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