The government on Tuesday asserted that the India-Africa Forum Summits have lent a contemporary dimension to the relationship and the country is ready to share its experience with Africa. Addressing a conference on ?Indian Lines of Credit: An Instrument to Enhance India-Africa Partnership? here, external affairs minister SM Krishna said, ?There are striking complementarities that exist between Africa?s requirements and India?s capabilities in many areas?.
He further said there had been an increase in investment between the two sides.
?The African economy expanded by 4.5 % in 2010. The Indian economy expanded by around 8 % in the same period. India and Africa together comprise a market of 2.2 billion people with a combined GDP of $3 trillion. Trade between India and Africa, which stood at $11.9 billion in 2005-06, increased to $53.3 billion last year,? said the minister. Stating that the economic engagement is directed at meeting the socio-economic development aspirations of developing countries in the spirit of South-South cooperation, he said, ?This takes several forms, including Indian Technical and Economic Cooperation programmes, that are tailor-made to respond to the capacity-building needs of our partner countries. Several initiatives under our Focus Africa Programmes underline our political commitment to build mutually beneficial partnerships.?