Stating that India and Africa were rapidly growing developing economies, Union Finance Minister Arun Jaitley on Tuesday said both can become the engines of growth for the entire world.
India wants its economy to grow much faster, Jaitley said as Asia’s third-largest economy eyes new opportunities for trade and economic cooperation with Africa.
“India and Africa are rapidly growing developing economies in the world. While Africa is the continent of the future, India is an emerging economy. As the global economy continues to recover slowly from the global financial and economic crises, India and Africa together can become the engines of growth for the entire world,” Jaitley said in his address at the India-Africa Forum Summit in the national capital.
India has decided to set up a project development company in Africa, Jaitley said in a speech to the event organised by Exim Bank. India’s annual trade with Africa has grown to $72 billion but lags China’s $200 billion.
The India-Africa Forum Summit will address the key challenges faced by Africa, which includes food, health and environmental security. India hopes to create conditions that stimulate trade and investment flows between New Delhi and the African countries.
During the four-day summit, the two sides are expected to reinforce their partnership on the global platform and deepen security cooperation including on maritime security and countering terrorism.
(With inputs from ANI)