Trade between Africa and India saw significant growth in the fiscal year 2022/2023, marking a substantial increase of 9.3% over the previous year. This economic development, which brings hope, was announced by the Indian Minister of External Affairs, Subrahmanyam Jaishankarduring a conference jointly organized by the Confederation of Indian Industry (CII) and the Export-Import Bank of India (Exim Bank of India) on 14 November.
This trade reached an amount of 98 billion dollars, an increase from 89.6 billion dollars recorded the previous year. This phenomenal growth is a testament to India’s continued commitment to the African continent. Minister Jaishankar was optimistic that this upward trend will continue, predicting that the trading volume will cross the $100 billion mark in the financial year 2023/2024.
Likewise, he highlighted the importance of loans under favorable conditions, with an amount already allocated over 12.37 billion dollars to African countries, thus strengthening the economic and diplomatic relations between the two entities. India’s focus on Africa’s development is not limited to trade figures alone.
For New Delhi, contributing to the continent’s development is seen as a cornerstone in rebalancing global dynamics. Jaishankar highlighted the emergence of the African Continental Free Trade Area (AfCFTA) as a major opportunity for Indian companies looking to expand their operations in Africa. This initiative represents fertile ground for new and fruitful economic and commercial collaborations.
These improved trade between India and Africa are not limited to the commercial sector alone. They also demonstrate the evolution of a strategic partnership, based on mutual interests and growing cooperation in different areas such as education, technology and health. India aims to consolidate these ties in a context where Africa’s economic and social development is seen as a central pillar for more inclusive and balanced global growth.