At the inaugural address of the “India Show : Africa & India : Partners in Progress- Friends Forever,” organised by the Confederation of Indian Industry ( CII) with the support of the Ministry of Commerce & Industry, Mr Anand Sharma, Minister of Commerce & Industry, Government of India, said that the economic partnership between India & Africa has taken giant leap forward since the 1st India Africa Forum Summit in 2008, with bilateral trade between India and Africa which was at a meager $3 billion at the turn of the century, crossing the $46 billion mark last year. He further mentioned that India and Africa was well on the way to achieving bilateral trade target of $70 billion by 2015. Mr Sharma, reiterated that India will continue with its effort to expand trade with the African countries through a special focus , including like the ‘ Duty Free Tariff Preference scheme’ for certain countries in Africa to enable easier imports from them.
Mr Sharma, highlighted that India has also become one of the leading Investors in African countries with Indian investments in Africa in Joint Ventures and wholly owned subsidiaries touching USD 33 billion mark, covering diverse sectors.
The Minister, on the occasion, released a special Publication entitled ‘ India- Africa :Business Guide.’
Mr Anand Sharma is leading a high powered 15 member delegation of India CEOs to Addis Abaab , including Mr Adi Godrej, President designate CII, Mr Sunil Bharti Mittal, Past President CII, Mr N Kumar, Past President CII , Mr Sanjay Kirloskar, CMD, Kirloskar Brothers, Mr Syamal Gupta, Chairman, CII Africa Committee, Mr Chandrajit Banerjee, Director General, CII, to name a few.
In his address, Mr Abdurahman Sheik Mohamed, Minister of Trade, Republic of Ethiopia, said that “India is an important partner of Africa in supporting development endeavors and building up our economies.” He pointed out that in recent years the total trade exchange has increased by an average of 21% per annum. Ethiopia’s imports from India has increased by about 22 %. Trade shows that the average trade turnover between 2004- 2010 has exceeded USD 445 million, per annum., he said. In general the trade balance is in favor of India Diversifying and increasing trade between the two countries and leveling the trade balance can be addressed in two ways: by increasing the existing export products and through diversification of exportable products which may need aggressive marketing strategy and also by holding specialised exhibitions, he said. He mentioned that despite the excellent relationship between India & Africa, “results achieved both in trade & investment do not correspond to the magnitude of the available means and potential.” He hoped that the India Show would help to fill the gap and strengthen the India Africa economy in general and trade and Investment in particular of the two sides, he stated.
Mr Erastus Mwencha, Deputy Chairperson, African Union Commission. in his remarks, said that by “institutionalizing the India Africa Forum Summit and adopting the Framework of Cooperation , the Heads of State and Government of Africa and India have demonstrated their strong commitment to deepen and reinvigorate the historical relationship between their two regions for mutual benefits.” He stated that the challenge of expanding the flows of trade and investments between India & Africa is a collective one and governments on both sides must establish a conducive environment for the growth.
Earlier, Mr Adi Godrej, President designate , CII in his address said over the last decade the world has been watching, with great interest the strident progress of the India Africa partnership . “For the developing world, our enduring partnership has served as an iconic example of South South Cooperation. Whereas, for the developed world, our partnership represents the emerging patterns in the global economic architecture.”
He pointed out that Africa’s share of India’s exports has increased from just over 4 % in 2000-2001 to close to 6 % in 2009-10. But what is even more phenomenal has been the rising importance of Africa as a source of India’s imports. Africa’s share in India’s import basket, he said, had more than doubled from 3 % in 2001-1 to 7% in 2001-10.
Mr Syamal Gupta, , Chairman, CII Africa Committee delivered the vote of thanks .
Mr Chandrajit Banerjee delivered the welcome remarks.
The India Show comprises of a mega Trade Exhibition, a Business Seminar and a Cultural program. The Exhibition showcases Indian technologies, innovations and business opportunities by leading Indian companies. More that 80 Indian companies are displaying their products in the Trade Exhibition, ranging from across all sectors such as manufacturing, infrastructure, finance , IT, pharmaceuticals, Services etc.