NEW DELHI, May 20: Finance Minister Arun Jaitley will address the knowledge sessions for India-Africa Cooperation on May 22, 2017 in Gandhinagar, aiming to further strengthen the bilateral relations between both the countries.
This is the first time that the African Development Bank (AfDB) is holding its annual meeting outside of the African continent. Currently, total trade between India and Africa increased almost five-fold between 2005-06 and 2015-16, and stood at 52 billion dollars in March 2016-17.
India’s exports to Africa went up from 14 billion dollars in 2007-08 to 23 billion dollars in 2016-17, with compound annual growth rate of 5.6 per cent. Indian imports from Africa shot up from 20 billion dollars in 2007-08 to 28 billion dollars in 2016-17 accounting for 7.5 per cent of total Indian imports. Indian imports from Africa grew at a compound annual growth rate of around four per cent.
The sessions are organized under the aegis of Ministry of Finance by Confederation of Indian Industry (CII) in close cooperation with EXIM Bank of India and African Development Bank. (UNI)
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