Education, food and health security, poverty alleviation and enhancement of industrial growth in harmony with nature would be the key challenges facing India and African nations, Union Minister for Commerce and Industry Mr Anand Sharma said at the inauguration of the ‘7th CII-EXIM Bank Conclave on India-Africa Project Partnership “Creating Possibilities: Delivering Value”, organized jointly by Confederation of Indian Industry (CII) and Exim Bank with the support of Ministry of Commerce and Industry and Ministry of External Affairs, here today. India-Africa relationship and economic cooperation will be a defining element of the 21st century, Mr Sharma added.
“While the current volume of India-Africa trade stands at $45 billion, we have set a target of $70 billion for 2015. I am confident we will achieve that,” he added.
Reminding the audience that both India and Africa lagged behind in terms of attaining their Millennium Development Goals and that in spite of spectacular growth rates, large number of people on both sides of the ocean still died of tuberculosis and malaria, Mr Sharma said, “For development to be correct, it has to be sustainable. It can’t be sustainable if it is not inclusive.”
He spoke about the contribution of Indian pharmaceutical companies in making anti-AIDS treatment affordable for a large number of African people. “The retroviral treatment which used to cost $11,000 per patient has today come down to $400. It highlights the strength of India.”
Saying that Western pharmaceutical companies were again launching a legal and diplomatic battle to up the price of life-saving treatment, he promised the gathering: “India will not allow a situation where life-saving drugs are out of reach of ordinary people.” Pointing out India’s technology and innovation prowess, he said, “It’s a triple A (AAA) situation. Indian technology is adaptable, affordable and available for Africa.” He quoted Mahatma Gandhi: “India and Africa will work together to create a better world for the future generations.”
In his keynote address, Mr Aires Bonifacio Ali, Prime Minister of the Republic of Mozambique, said, “We need to devise innovative approaches to promote peace, stability, democracy and well being to our citizens.” Speaking of the realities of the world, he said that while the 6th Conclave was held in the shadows of the global economic meltdown, the “7th Conclave takes place at a moment characterized by growing instability and upheavals in the Middle East and increasing signs of economic and financial instability worldwide due to the increase of oil and food prices.”
Highlighting the strengths of Africa and India, he said: “Africa is an emerging continent with huge strategic natural resources such as arable land, minerals, oil, gas, young and dynamic population…India is an emerging economy with a vast market and successful promotion of innovative technological solutions for developing countries.”
Mr T.C.A. Ranganathan, Chairman and Managing Director of Exim Bank of India, said, “Ever since this Conclave started, in the last seven years, India-Africa trade has gone up seven-fold.” He also pointed out that six of the world’s fastest growing countries were from Africa.
President of CII Mr Hari Bhartia said, “Both our regions have the same problems. We need to learn from each other. Technology and information sharing will play an increasing role in empowering people.” He also pointed out that sustainable enterprise ensured sustainable livelihoods. He added, “Indian entrepreneurs have created products for the bottom of the pyramid. There are more than 700 million people with mobile phones today.”
Mr Chandrajit Banerjee, Director General, CII, delivered the opening address at the programme which saw Line of Credit (LOC) agreements signed between Exim Bank of India and the governments of Mozambique and Tanzania. They are on a project basis and stand at $20 million for Mozambique and $36 million for Tanzania.
In his closing remarks, Mr Sanjay Kirloskar, Chairman of the CII Africa Committee and Chairman and Managing Director of Kirloskar Brothers Ltd, said: “India-Africa partnership marks the high point of South-South cooperation.”
A CII publication titled “India Inc Imprint: Skill, Training & CSR in Africa” was released on the occasion by Mr Anand Sharma, Minister of Commerce & Industry.
More than 650 participants from more than 36 African nations including the Prime Ministers of Mozambique & Togo, the Deputy Prime Minister of Somalia and Ministers from over 19 African countries are taking part in the Conclave.
Meaningful economic cooperation between India and African nations is a key to addressing problems plaguing their people and to ensure sustainable growth in the face of global financial crisis and political instability in the Middle East and North Africa. This was the overriding sentiment that came out of the opening session.