India hosts its largest-ever Africa summit

• India is Africa’s fourth-largest trading partner after China, the US and the EU.
• South Africa is already a major coal supplier to India.
• India’s current trade with Africa is around USD 75 billion dollar and it has granted a whopping USD 7.4 billion for various developmental and capacity building projects in the last four years.
• India has implemented a total of 137 projects in 41 African countries during the period.
• Representatives of 54 African nations including heads of state and government of around 40 countries and powerful African Union are expected to participate in the four-day India-Africa Summit beginning on October 26.
• It aims to boost commercial and political ties with the continent amid China’s slowdown
• Expanding trade ties will be a major focus area at the summit which will see participation of over 400 business delegates from Africa besides all major Indian chambers of commerce.
• Stepping up trade ties, particularly in oil and gas sector, strengthening maritime cooperation and lifting the overall engagement to a new high will be the main agenda of the summit.
• Energy will feature prominently in the talks as India faces huge energy deficit and imports 70 per cent of oil, mostly from the politically volatile Middle East.
• Having a solid partnership in exploiting the blue economy will be another major focus area.
• India’s assistance includes a commitment of 7.5 billion dollars toward African infrastructure with 137 projects in 41 countries.
• Although India’s headline economic growth has overtaken China’s, its economy is one-fifth the size and it lacks the financial heft to challenge Beijing in a head-to-head contest for the African market.

Source: TheIndianExpress, EconomicTimes