Changes in the global economic architecture are expected to provide new external economic opportunities for both India and Africa.

 

Despite the fact that the pandemic has slowed Africa's growth, the region's economy is expected to accelerate once the health issue is under control through widespread vaccination programmes.

 

Given its profound shareholder interest in Africa's economic change, India expects an ongoing partnership role in Africa's economic transformation. The current crisis provides several chances for nations to expand existing bilateral connections and forge new paths for cooperative projects, particularly in areas that are relatively unexplored in Africa, such as the services sector.

 

The Indian Government's economic relations with Africa are truly multifaceted, with the Indian Government providing timely grant-in-aid to African countries, concessional lines of credit (LOCs), capacity building and technical assistance, supporting major projects in Africa, and establishing industrial units, among other things.

 

Africa has been one of the most significant users of the Government of India's LOCs, which presently total more than USD 6.3 billion out of a total pledge of USD 10 billion.

 

Bilateral commerce between India and Africa has continuously expanded year on year, with the trade volume expected to reach USD 55.9 billion in 2020-21. India is Africa's fifth-largest investor, with a total investment of USD 54 billion.

 

The larger ambitions are to increase bilateral trade beyond USD 150 billion and to double investments in Africa to USD 100 billion over the next few years.

 

The formation of the India-Africa Trade Council, as well as the building of 13 offices in India that will interact directly with African embassies in Delhi, would provide enormous trade and investment prospects for Indian companies in Africa.

 

The Indian government chose 18 African nations where new missions will be established, including Burkina Faso, Cameroon, Cape Verde, Rwanda, and Somalia, among others. The projects would be built on a cooperative approach that would be responsive to the requirements of African countries.

 

India is also assisting Africa in bridging the digital divide through the second phase of the pan-Africa e-Network project – e-VidyaBharati and e-ArogyaBharati Network Project, which aims to provide 5-years of free tele-education to 4,000 students, 1,000 doctors/nurses/paramedics with free medical education, and free medical consultancy.

 

Over the last 15 years, the India-Africa Conclave has aided in the development of bridges and economic and commercial cooperation. It has built capacities and fostered networking, the results of which can be seen in India's growing presence in Africa as well as African collaborations with Indian institutions.

 

The conclave for the 2021 year discussed the numerous potential and risks that drive India-Africa bilateral cooperation, and was attended by ministers and dignitaries from both countries, including India's Minister of External Affairs, Dr. S. Jaishankar.