Africa Day 2023: Accelerating Global Growth and Prosperity

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Africa Day 2023: Accelerating Global Growth and Prosperity

Africa Day is celebrated every year on 25th May. It is an opportunity to celebrate African diversity and success and to highlight the cultural and economic potential that exists on the African continent. This Day commemorates the founding of the Organisation of African Unity (now known as the African Union) on this day. Formally known as African freedom day and then African Liberation Day, its origin lies in the collective African resistance to colonialism and economic exploitation.

The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent. It was officially launched in 2002 as a successor to the Organisation of African Unity formed in 1963. The main objectives of the OAU were to rid the continent of the remaining vestiges of colonisation and apartheid; to promote unity and solidarity amongst African States; to coordinate and intensify cooperation for development; to safeguard the sovereignty and territorial integrity of Member States and to promote international cooperation. 

Today, there is a need for a new spirit of solidarity among developing countries. India and Africa recognise that in this globalised age, all live interconnected in a small and fragile planet and work together to uplift the lives of our people in a manner that preserves the sustainability of our common air, land and water.  

The story of India and Africa’s partnership embodies an equal, consultative, and collaborative relationship. India has consistently supported the development of African capacities in the maintenance of peace and security. The people of Africa and India stand at the threshold of a historic opportunity. India and Africa account for the whole range of linguistic, religious and ethnic diversity in the world. The success in making open, tolerant and rule-based societies flourish in conditions of relative underdevelopment will have a profound effect on the future of the world.  

India-Africa Trade Relationship - Africa Day 2023

India’s bilateral trade with Africa “has now reached US$ 89.5 billion in 2021-2022 compared with US$ 56 billion the previous year.” Today, India’s exports to Africa account for a healthy 5.2 percent of Africa’s global imports, whereas India’s imports accounted for 7 % percent in the continent’s global exports in 2020. This shows that India is Africa’s fourth-largest trading partner..

The investment aspect of the relationship is also progressing well, spanning across greenfield and brownfield sector. Cumulative Indian investments in Africa during the period of April 1996 to March 2022 amounted to US$73.9 billion. This makes India one of the top five investors in the continent.

The extension of Government of India supported Lines of Credit (LOC) on concessional terms continues to remain a popular instrument for undertaking various development projects. As of March 2022, a total of 204 LOCs to the tune of US$12.37 billion have been extended by India to 42 African countries.

India engages with Africa meaningfully, focusing much on its core competencies like human resource development, training and skill development, IT, ITES, education and healthcare services unlike China who focuses majorly on developing manufacturing capacities and infrastructure in Africa. 

India also has an advantage of language and cultural affinity, as over 3 million strong Indian diaspora in Africa also proves to be a crucial strategic asset for India to further its relations with African countries. In the past, the geographical proximity and easy navigability in the Indian Ocean resulted in well-established trade relations between India and Africa, much before European exploration.


https://digpu.com/diplomatic-dairy/africa-day-2023-accelerating-global-growth-and-prosperity

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