Efforts to strengthen intercontinental trade and socio-economic relations between India and Africa are gaining momentum with the planned establishment of the India-Africa Trade Centre in Kharghar, Navi Mumbai. City and Industrial Development Corporation (CIDCO) has reserved 25-35 acres within its international trade hub for this ambitious project, which is being spearheaded by the Africa-India Economic Foundation (AIEF).
The centre is part of a bilateral agreement signed in 2023 between AIEF and the Maharashtra government. It aims to promote trade and industrial collaboration between India and 55 African countries while fostering the exchange of technology, skills, and expertise.
Strategic Location and Economic Impact
The trade centre will be located near the Navi Mumbai International Airport, positioning it as a hub for global business. The area is designed to become one of India’s largest trade centres, aligning with CIDCO’s vision of economic development for the Mumbai Metropolitan Region.
The project is expected to directly create 5,000 jobs and an additional 25,000 indirect opportunities. It is also projected to attract investments of ₹4,000 crore, significantly boosting Maharashtra’s economy.
Key Features
The AIEF plans to develop a 4 lakh square feet area to house various facilities, including offices, exhibition halls, and event spaces. The centre will host international conferences, exhibitions, and meetings, facilitating interaction between Indian businesses and African nations. The centre is expected to strengthen India’s economic and cultural ties with Africa, creating a new avenue for mutual growth in industries, trade, and tourism.
Status:
CIDCO has reportedly approved the land allocation, and the final proposal has been sent to the state government for approval. This centre, first proposed during the African Summit 2020, is poised to become a significant link in India-Africa trade relations.
Once operational, the India-Africa Trade Centre will not only enhance bilateral ties but also provide a major boost to regional economic growth, solidifying India’s role as a global trade partner.