India is among top five investors in Africa: S Jaishankar

"On the trade and economic front, India’s bilateral trade with Africa, I believe, has now reached US$ 89.5 billion in 2021-22 compared with USD 56 bn the previous year. With cumulative investments at US$ 73.9 billion from 1996-2021, India is among the top five investors in Africa,"  S Jaishankar said while addressing the 17th CII-EXIM Bank Conclave on India-Africa Growth Partnership.

"Through the Duty Free Tariff Preference (DFTP) Scheme that extends duty free access to 98.2 per cent of India’s total tariff lines, India has opened its market to African countries," he said.

He said: "So far 33 LDC African nations have been entitled to get benefits under this scheme. We hope that the African Continental Free Trade Area Agreement (AfCFTA) which was commenced in 2021 would be helpful to Indian companies to enhance and intensify the business footprint in Africa."

Speaking on the assistance given by India to African nations at the time of the pandemic, he said: "During the pandemic, India continued its engagement with Africa by focusing more on the virtual format. The 15th and 16th editions of the CII-Exim Bank Africa Conclave were accordingly held in that mode. More important, we tried to make a real difference to the continent’s ability to cope with the pandemic. 32 African countries received a 150 tonnes of medical assistance from India."