The India-Africa bilateral partnership is augmented by India's resurgence as the fastest growing major economy along with Africa's new economic dynamism which is clearly seen by some of the sub-Saharan economies like Kenya, Rwanda, Tanzania and Ethiopia which are among the top 10 fastest growing economies in the world. The Ministry of Commerce and Industry reaffirmed that scaling up the India-Africa bilateral trade volume to $150 billion in the next few years is the top objective during the coming months.
The Indian government said it would hold multiple conclaves on India-Africa project partnerships which is expected to help more than double the bilateral trade volume to $150 billion from the current $62 billion in the next few years.
More than 31 senior ministers from 21 African countries apart from business delegates from 37 countries participated in an event organised by the Ministry of Commerce and Industry in association with the Confederation of Indian Industry (CII) and the EXIM Bank of India.
At a time when the global economy is faced with intractable challenges that stem from rising protectionism and trade conflicts the conclave marks the pre-eminence of India-Africa partnership in the area of ‘South-South Cooperation. A statement by the Ministry of Commerce and Industry said that "The conclave coheres into the Indian government's broader vision of long-term engagement with Africa,".
The rise in bilateral trade between India and Africa by nearly 22 per cent to $62.66 billion in 2017-18 is a testament to the Indian government's commitment to expand the India-Africa economic partnership.
Other long-term goals and objectives that would guide the deliberations include encouraging Indian exporters to access the African countries, enhancing manufacturing exports to Africa and expanding Indian investments in various sectors in Africa.