(Ecofin Agency) - More than thirty African countries benefit from India's duty-free tariff preference (DFTP) scheme for least-developed countries.

Trade between India and Africa reached $98 billion in FY2022/2023 (April 1-March 31), registering an increase of 9.3% over fiscal year 2021/2022, Indian External Affairs Minister Subrahmanyam Jaishankar announced on Tuesday, November 14.

"Trade with the African continent has climbed to $98 billion in FY 2022/2023 from $89.6 billion in the previous year," he said at the Confederation of Indian Industry (CII) and Exim Bank of India conclave on India-Africa partnership, while expressing "confidence that trade volume will exceed $100 billion in FY 2023/2024". The head of Indian diplomacy also pointed out that New Delhi has already granted more than $12.37 billion in concessional loans to African countries.

Pointing out that his country is one of the top five investors in Africa, he indicated that Indian companies have completed 197 projects on the continent, while 65 projects are underway and 81 are in the pre-execution phase.

"For India, Africa's development is the key to global rebalancing", he stressed, adding that the Continental African Free Trade Area (AfCFTA) now represents "an opportunity for Indian companies wishing to operate in Africa".

More than thirty African countries benefit from the Duty-Free Preferential Tariff Scheme (DFTP), launched by India in favor of Least Developed Countries (LDCs), which has extended customs exemptions to 98.2% of India's total tariff lines.