LUANDA–The Indian government has 10 billion US dollars available to finance investment projects in several African countries, says Indian Foreign Minister Shri Akibar.
Speaking at a lecture hosted by the College of Economics of Agostinho Neto University (UAN) here Thursday on the theme, “India, Africa and the Development of the 21st Century”, Shri Akibar added that India intended to identify credible projects to invest and finance in Africa, especially in Angola.
Regarding the development process of India, he said Indians worked for the achievement of modernism, which obeyed some strategic pillars, namely sovereignty, unity, emancipation and economic equity.
Trade between Angola and India before the collapse of oil prices in 2014 was around 7.5 billion USD, but this had now fallen to 3.5 billion USD.
Indian entrepreneurs in Angola had invested in various domains of the national economy, from the trade of furniture to plastics and steel, among others.
Shri Akbar arrived here earlier Thursday for a two-day working visit to Angola, aimed at strengthening bilateral co-operation and to investigate prospects of the African market as part of his tour to the continent.
During his stay in Luanda, he intends to identify new areas of co-operation, as well as strengthen other sectors with the signing of some co-operation agreements.
According to his programme, Shri Akbar will also attend a reception organized by the Angola-India Chamber of Commerce and Industry (CCIAI) and on Friday he will be welcomed by members of the Angolan government.
The CCIAI was set up in October 2017 in Luanda, with the aim of strengthening economic cooperation between the two countries.
Source: NAM NEWS NETWORK