Trade between Africa and India doubled in the past five years, and reached nearly US$72 billion between 2014 and 2015. Speaking at the 52nd African Development Bank (AfDB) meeting in Ahmedabad, Indian Prime Minister Narendra Modi said Africa is a top priority for his country’s foreign and economic policy, and called upon the continent’s states to co-operate with India in its development programmes, according to an Asoko Insight report.
AfDB president Akinwumi Adesina also called on India to continue investing in Africa, where consumer spending is estimated to reach US$1.4 trillion in the next three years. The AfDB plans to continue investing in the continent, with US$12 billion geared toward agricultural improvement in the coming five years. Meanwhile, an investment forum will soon be launched to attract pension and hedge funds, among other investments.
