•Says India gives $7.4b concessional credit to Africa in seven years
•’Indian, African youths may shape the world in future’
The Prime Minister of India, Hon. Narendra Modi, yesterday said about 40 Heads of State and Government will attend the third India-Africa Forum Summit from October 26 to 29.
Among the leaders being expected is President Muhammadu Buhari, who is expected to present the position of the West Africa sub-region at the summit.
He also disclosed that India has given $7.4b concessional lines of credit to Africa since 2008.
He said apart from about $1.2billon grant assistance to African nations to finance human resource development, India has trained 25,000 Africans in the last three years.
Modi made the disclosure at an interactive session at his official residence in New Delhi with a select group of 38 journalists, including THE NATION’s Managing Editor, Northern Operation.
The session was attended by the National Security Adviser of India, the Joint Secretaries to the Prime Minister on Foreign Policy and the PM’s Media Adviser.
Modi said: “The participation of all African countries, including over 40 at the level of Heads of State or Government in the summit is a testimony to the deep bonds of friendship and mutual faith between India and Africa.
“This is a relationship that is beyond strategic considerations. It is a relationship with a strong emotional link. It has been forged by our intersecting history; our centuries-old ties of kinship, commerce and culture; our common struggle against colonialism; our quest for equality, dignity and justice among all people; and our shared aspirations for our progress and a voice in the world.
“We are blessed with vast reservoir of mutual goodwill and confidence. India and Africa constitute one-third of the world’s population. About 65 per cent of them are below 35 years (a large majority of them are in their youth).
“Indeed, India and Africa will have a significant part of the global youth population in this century. Their future will shape the course of this world to a great extent.”
On assistance to Africa, Modi said India was proud to be a development partner of Africa.
He said: “34 African countries now enjoy duty free access to the Indian market of 1.25billon people.
“Over the last two India-Africa Forum Summits, we have committed $7.4billion in concessional lines of credit, which is contributing towards development of infrastructure , light manufacturing, public service and clean energy in Africa.
“We have committed grant assistance of $1.2billion that is helping finance human resource development and establishment of over 100 capacity building institutions in Africa.
“In the past three years alone, 25,000 Africans have been trained or educated in India.
“Our economic partnership us gathering momentum. India’s trade with Africa, which was about $30 billion in fiscal 2007-8 more than doubled to about $72 billion in fiscal 2014-2015.”
The Indian Prime Minister explained in detail why it is necessary for India and Africa to forge a partnership.
He added: “India and Africa are now the bright spots of hope for the global economy. India is the fastest growing major economy today. Africa is experiencing rapid growth too.
“While India and Africa will both do much on their own to advance prosperity and peace for their people, our partnership can be a source of great strength for each other, both to reinforce and accelerate each other’s economic development and to build a more just, inclusive, equitable and sustainable world.
“We have complementary resources and markets; and, the power of human capital. We have shared global vision.”