India to boost Africa trade with $62bn
INDIA’S trade with Africa is currently over US$62 billion with plans to increase the volume further, says Indian Prime Minister Narendra Modi.
Mr Modi noted that the current India-Africa partnership included implementation of 180 lines of credit worth US$11 billion in over 40 Africa countries and US$600 million in grant assistance
He said increasing IndiaAfrica trade ties remained a priority, reflecting a shared history and a common vision for the future of both regions
This is according to a statement made available by APO.
“One such example of this trade is the Government of India’s recent decision to invest US$10 million in the African Trade Insurance Agency (ATI).
“In a recent visit to Uganda, the current India-Africa partnership includes implementation of 180 lines of credit worth USD11billion in over 40 Africa countries and USD600 million in grant assistance,” he said.
Mr Modi said India was the first non $frican government to become a member of the Pan-African and multilateral investment and credit insurer with the expected result of boosting India’s trade with Africa.
Meanwhile, ATI’s Chief E[ecutive 2fficer, George Otieno, said the institution was delighted to welcome the Government of India to the ATI family.
“This is a historic initiative that is also important because it underscores the possibilities of South-South cooperation and for developing regions to partner more with each other – drawing on natural synergies to further each other’s development objectives,” he said.