Prime Minister Narendra Modi on Thursday emphasised the importance of a surging Africa saying African initiatives are replacing old fault lines with new bridges of regional economic integration during a summit in New Delhi.
“Africa and India are two bright spots of hope and opportunities in the global economy,” Modi said in his speech to the heads of 54 African countries at the India-Africa Forum Summit.
The Prime Minister also emphasised on the importance of youth and said that it “something precious that unites us”.
“Two third of India and Africa is under the age of 35. And, if the future belongs to the youth, then this century is ours to shape and build,” he said.
“It is not just a meeting of India and Africa. Today, the dreams of one-third of humanity have come together under one roof. Fabric of this world is richer because of the 54 sovereign flags of Africa,” he said.
Modi will speak to delegates, including heads of state or officials, from all 54 African Union nations, with announcements aimed at jump-starting bilateral trade and burnishing Indian investment in the continent.
Despite more than doubling since 2007 to $72 billion in fiscal 2014-15, India’s two-way trade with Africa is still comparatively small.
Postponed since December over the Ebola crisis, the approximately 1,000-delegate summit represents the highest number of foreign dignitaries to descend on India since 1983 and is thought to be the biggest ever overseas gathering of African leaders.
As well as delivering two speeches, Modi will host bilateral meetings Thursday with leaders of countries including Angola, Ethiopia and Egypt.
On Wednesday, he held a record 19 meetings with leaders including Zimbabwe’s Robert Mugabe and Muhammadu Buhari of Nigeria, the oil-rich nation key to India’s energy interests on the continent.
New Delhi has worked hard to showcase its commitment to Africa’s economic rise and historic friendship with African nations — with some thinly veiled jabs at China — as it vies for a greater share of the continent’s natural resources.
India’s economic presence in Africa is dwarfed by China, whose bilateral trade with the continent topped $200 billion last year — more than the GDP of the 30 smallest African economies combined.
But it is gaining ground, dominated by the energy sector and led by private entrepreneurs.
Africa primarily exports raw materials to India, including precious metals, gemstones and oil, which are then processed into goods such as cut diamonds or refined petroleum products.
The first India-Africa summit was just seven years ago — long after China, the European Union and Japan held similar meetings.