This summer, several African officials attended a significant investment summit in New Delhi that included 40 ministers from 17 nations, including Burkina Faso, Congo, Cameroon, Eswatini, Ethiopia, Gabon, and Malawi.
The event, which intended to improve economic connections, gave decision-makers, officials, and leaders of business and industry the chance to strengthen relationships.
India is one of the big countries that has made investments in the African continent, according to foreign minister S. Jaishankar.
Speaking at the 17th CII-EXIM bank summit on India-Africa Growth Partnership, Jaishankar said that India is among the top five investors in Africa with cumulative investments of €73.2 billion from 1996 to 2021.
Jaishankar highlighted that over 33 of Africa's least developed countries were eligible to receive advantages under the Duty Free Tariff Preference programme and that India's bilateral commerce with Africa had increased to €88.7 billion in 2021–22 from €57 billion the previous year.
Beijing has invested billions of dollars in Africa over the last ten years, constructing power plants, highways, and bridges in exchange for access to markets and resources.
India has prioritised its key skills of developing human resources, information technology, maritime security, education, and healthcare via its investments, as opposed to China, which has focused on building infrastructure and exploiting natural resources.
'Indian project construction and finance in Africa aims to promote local involvement and development. According to a senior Nigerian ambassador who spoke with RFI, Indian businesses place a greater emphasis on developing the skills of African workers.
Additionally, the diaspora serves as a link between India and Africa.
About 3 million individuals with Indian ancestry reside in Africa, with more than 1 million of them living in South Africa. Indians from the diaspora are also in great numbers in Kenya, Tanzania, and Uganda.
India never gets tired of emphasising its historical connections to Africa. At the end of the 19th century, Mahatma Gandhi, the father of Indian freedom and the country's national hero, spent a brief period of time living in South Africa.
India suffered during British colonisation, much like many other African nations, particularly those in eastern Africa.
One of the largest UN peacekeeping forces in Africa is made up of India, which is also looking to Africa for assistance in its quest for a permanent seat on the Security Council.
Africa is prepared for a huge expansion in many areas as the world's attention is on its rapidly expanding economy, and a large number of investors are vying for a piece of the continent's future.