A two-day India-Africa Business Partnership Summit, to be organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Union ministry of commerce and industry and the Andhra Pradesh government, will be held in Hyderabad from October 12.
Over 120 African and 250 Indian delegates, comprising chief executives, heads of public and private sector corporations and independent consultants, will congregate at the two-day summit to share and showcase business opportunities for Indian and African companies.
"The remarkable resilience displayed by the African and Indian economies in the aftermath of the global financial crisis gives rise to the hope that partnership between India and Africa will grow from strength to strength in the coming years," chief minister N Kiran Kumar Reddy, said in a press release on Monday.
Bilateral trade between India and Africa has more than doubled from $25 billion in 2006-07 to $53.3 billion in 2010-11, due to rise in both exports to, and imports from the African region. India's exports to Africa have risen from $10.3 billion in 2006-07 to $21.1 billion in 2010-11, primarily due to increase in exports of transport equipment and petroleum products.
The concomitant rise in imports from Africa during the comparable period attests to increased two-way trade relations, wherein India’s imports from Africa have more than doubled from $14.7 billion in 2006-07 to $32.3 billion in 2010-11, accounting for 9.1 per cent share in India’s total imports, the release added.
