‘India’s substantial investment in Africa a cornerstone of region’s development’

A.K. Pramod of Arise IIP India speaking at ‘Business opportunities in Africa’ event in Madurai on Thursday. 

| Photo Credit: G. Moorthy

“India and Africa sharing a significant bilateral trade relationship across various key sectors will play a vital role in shaping trade ties between the two regions,” said Ajmal Fawad, Country Director – CWEIC (India) & Deputy Director – International (Africa) Confederation of Indian Industry.

Speaking at the event organised by CII to discuss the existing and emerging business opportunities in Africa here on Thursday, Mr. Fawad said, “Bilateral trade of India and Africa grew by 9.26% in 2022-23 and stood at about 98 billion dollars. India and Africa have a history of trade and cultural exchange that dates back centuries.” 

Further, he said, CII began its Africa-focused initiatives more than 29 years ago and was now linked with more than 95 counterpart organisations in 44 African countries to facilitate exchange of information between Indian and African industries.

A.K. Pramod of ARISE IIP India, speaking at the event, said India’s substantial investment in Africa had been a cornerstone of the region’s development. “In 2021, India emerged as one of the foremost inbound investors. Bilateral trade reached almost 100 billion dollars in 2022–23, a significant growth of 9.26% over the previous year,” he added.

“Africa’s geographical proximity to European and U.S markets adds an extra layer of advantage for Indian investors looking to expand their reach globally. The continent’s abundance of natural resources, coupled with a steadily growing working population, further position Africa as an attractive destination on the global business map,” Mr. Pramod noted.