India- Africa Political and Economic Relationship
Abstract
In the aftermath of the Cold War, India has utilized these long-term relations to take advantage of Africa’s economic and geopolitical. Similarly, African governments have found a reliable ally in the Indian government, through its continued support in economic, political, and socio-cultural arenas. One needs not to go further than appreciate the three India-Africa Forum Summits (IAFS) held since 2008 to display these cordial relations.
Similarly, India now has embassies, high commissions, and consulates across the African continent’s 54 countries. The current Prime Minister, Narendra Modi, champions the Indian government’s foreign policy toward Africa called “multi-alignment foreign policy.”Current statistics indicate that India is now Africa’s third-largest trading partner, accounting for over seven percent of Africa’s trade output, calculated at over $70 billion. Africa has been the source of India’s demands for oil, gold, ores, and gas, among other items.
Various multi-national companies of Indian or African origin operate in Africa and India. As technological changes have ensued, many of these now operate in areas of IT, farm machinery, and transportation.
References
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Figures in the parenthesis are that country’s share in India’s total trade with Africa.
For details see https://wits.worldbank.org/
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Including investments received through automatic route, acquisition of shares and the Foreign Investment Promotion Board (FIPB) approval route. Calculated by author using data from Department for Promotion of Industry and Internal Trade (DPIIT).
Calculated by using Overseas Investment data from the Reserve Bank of India (RBI).
Department for Promotion of Industry and Internal Trade, FACT SHEET ON FOREIGN DIRECT INVESTMENT (FDI) FROM APRIL, 2000 to MARCH, 2021, https://dipp.gov.in/sites/default/files/FDI_Factsheet_March%2C21.pdf.
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