Speaking at a seminar on `Business Opportunities in Africa' organised by the Confederation of Indian Industry (CII), on Thursday, Devare said that further interactions are on the anvil between India and African nations in the IORARC for giving fillip to the south-south cooperation.

He mentioned that some time ago a memorandum of understanding (MoU) with the South African Development Commission (SADC) and MoUs in the field of agriculture, animal husbandry and horticulture, had been signed between Indian and two African nations.

Devare said that it was a positive sign that African nations remained unaffected by the South Asian contagion although various western economies as well as Latin America and the CIS countries had fallen victim to the economic crisis.

It was heartening to note that policies and currencies in many African economies today boasted ofstability, commitment to reforms and registered a high GDP growth.

Devare stated that with the PM's recent visit to Africa to attend the NAM summit, Indo-African bilateral trade got a further boost. On the Indian government's part Devare said that the Africa Fund for aiding southern Africa and Exim Bank loans were forwarded to several African nations on attractive terms.