India-Africa trade crossed $100 bn in 2024-25, says Kirti Vardhan Singh

New Delhi: Union minister Kirti Vardhan Singh on Wednesday said India-Africa trade has crossed USD 100 billion and New Delhi has emerged as one of the top-five investors in the continent.

Addressing the inaugural session of the 20th CII India-Africa Business Conclave in the national capital, Singh said India has extended concessional loans worth over USD 12 billion and USD 700 million in grant assistance for projects across Africa, apart from offering 50,000 scholarships for African youth, of which more than 42,000 have already been utilised.

“This year’s theme is different as we have decided to move from project partnership and growth partnership to the spirit of ‘Co-creating a Shared Future’, which signifies the sentiment attached to this remarkable journey,” the minister said.

“India’s bilateral trade with Africa has crossed the magical figure of USD 100 billion in 2024-25 compared to USD 56 billion in 2019-2020. With cumulative investments over USD 75 billion from 1996-2024, India is among the top-five largest investors in Africa,” he said.

Singh said India-Africa partnership is resilient enough to tackle emerging challenges such as the post-Covid global economy and conflicts in the Middle East and Ukraine.

He stressed that Africa continues to play an important role in India’s foreign policy and recalled that the African Union was given permanent membership of the G20 during India’s presidency.

“We put emphasis on Africa’s rightful place at the global high table,” he said.

Singh added that India has stood with Africa in times of need, recalling relief operations in Mozambique, Madagascar, Mauritius and several other countries and invited African nations to join the Coalition for Disaster Resilient Infrastructure as well as the International Solar Alliance to strengthen cooperation in climate and clean energy.

He said India is keen to share its experiences and knowhow to help Africa in its energy transition through rapid deployment of clean energy technologies. “India and Africa are shaping a strong partnership to co-create a shared future, built on mutual trust and collaborative efforts.”

Singh said that the Duty Free Tariff Preference Scheme gives duty-free access to 98.2 per cent of India’s tariff lines, benefiting 33 least developed African countries.

He hoped that the African Continental Free Trade Area Agreement, which came into force in 2021, would further boost Indian companies’ footprint in Africa.