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Africa Cooperation Central to India's Strategic Policy: Arun Jaitley, Minister of Finance, Corporate Affairs and Defence
May 22, 2017

Mr Arun Jaitley, Minister of Finance, Corporate Affairs and Defence stated that India-Africa cooperation has been central to India's strategic policy over the years. This has especially reflected in the high level political engagement in last many years. He was addressing the inaugural of the Sessions on Africa-India Cooperation 2017 in Gandhinagar today on the occasion of the 52nd annual meeting of the African Development Bank. This is the fourth time that this meeting has been organised outside of the African continent. The Sessions was organised by the Ministry of Finance in association with CII and was supported by EXIM Bank. 

The Minister added that the partnership model between the two sides is truly unique as it is voluntary rather than prescriptive, and demand-driven and unconditional. Stressing on the importance of India-Africa Partnership, he said that if the aspirations of one--third of humanity could be brought to reality, it would be transformational. The Minister said that while India is the bright spot in the global economy, Africa has the potential to follow suit.

Mr Daniel Kablan Duncan, Vice President, Republic of Cote d’Ivoire said that industrialisation and international trade will be the key to Africa's development in future. He recognised the vital role of the Indian private sector companies in enhancing investments into the country. He said that while Africa's economic growth is characterised by its trade in raw materials, there is an urgent need to move to trade in value-added products. 

Mr Boamah, Vice President, African Development Bank sought India's support to fulfill its 'High Five' agenda which includes - Light up and power Africa, Feed Africa, Industrialize Africa, Integrate Africa and Improve quality of life (create jobs for women and youth). He said that a recent UNDP study suggested that implementing this agenda could help Africa accomplish 90% of its development goals.

Mr Shaktikanta Das, Secretary, Department of Economic Affairs (DEA), Ministry of Finance said that Africa is a continent of immense opportunities and the two countries can help revive global economic growth. He noted that India's investments of over USD 54 billion in Africa in the last two decades constitutes about 19.2% of the FDI in the subcontinent and reflects India's strong commitment to Africa's development. He also stressed that India can help Africa develop its farm sector.

Mr Rakesh Bharti Mittal, President Designate, CII and Vice Chairman, Bharti Enterprises, said that partnership between the two countries in the areas of energy, agriculture and skilling could be beneficial. He also added that Indian investments in areas like telecom, IT, automotive, infrastructure and construction and connectivity could boost and strengthen economic partnership.

Mr Chandrajit Banerjee, Director General, CII, stated that India is privileged to host the annual meeting of the African Development Bank (AfDB) for the first time in India. He said that AfDB's goals match with India's development goals.

The Sessions on Africa-India Cooperation 2017 will focus on sectors like trade and investments, infrastructure, power, agriculture, skill development & education, e-governance and manufacturing over the next three days. Some of the prominent speakers at the session in the coming days will include Mr Piyush Goyal, Minister of New and Renewable Energy, Mr Arjun Ram Meghwal, Minister of State for Finance & Corporate Affairs, and Mr Santosh Kumar Gangwar, Minister of State for Finance.

Ahmedabad

22 May 2017

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