India-Africa Summit an investment boon for Somalia, says President Mohamud

President Hassan Sheikh Mohamud has hailed the India-Africa Summit as an opportunity for the two blocks to build mutual partnerships which will go a long way in lifting millions of populations out of poverty.

The president said the relations between India and Africa is built on a deep heritage and culture of mutual respect, partnership and cooperation to seek a future of unlimited possibilities.

“With growing populations and growing economies, India and Africa have no time and no excuses not to work ambitiously towards creating solid partnerships and cooperation opportunities based on mutual respect and common goals of prosperity and peace,” said Mohamud.

Closer partnership

While speaking during the Summit bringing together over 40 African leaders in New Delhi India, the President said Somalia’s trade with India was picking up and that the his government would work on a more closer partnership to further enhance this.

President Mohamud also paid tribute to India for its long term development of human resource in Africa adding that he himself was a beneficiary of this 27 years ago in one of the Indian universities.

Noting that Somalia was endowed with massive natural resources such as minerals, fisheries, livestock and growing service sector, the president called for collaboration based on mutual interest to ensure the exploitation of these resources for a common good.

New credit

Indian pledged $10 billion in new credit and $600 million in grant aid to African countries as it seeks to flex its muscle in the continent even as China fast spreads its tentacles in Africa. China’s foreign direct investment, FDI stood at $107 billion as of 2013 and has been significantly increasing.

India’s investment in Africa in 2014-15 adds to $72 billion having grown tenfold in the last decade.

During the Summit, India also sought the support of African leaders in its bid to secure a permanent seat in the UN Security Council even as both blocks called for reforms in the UN system, 70 years into its formation.

President Mohamud also told the summit Somalia was making remarkable head-ways in dealing with violent extremism in Somalia in addition to sustained efforts to diminish acts of piracy off the coast of Somalia.