‘Indian government will fast-track the establishment of the specialised capacity building institutions in Africa’

As the global economy faces stiff headwinds resulting in contraction of markets and dip in trade and investment flows, deeper economic cooperation between India and the African nations will provide the growth impetus to both the regions. Stating this in his keynote address at the 8th CII EXIM Bank Conclave on India-Africa Project Partnership in New Delhi on Sunday , Mr Anand Sharma, Minister of Commerce, Industry & Textiles, Government of India, said, "We will have to act together. In doing so we will emerge as the engines of global economic recovery."

Mr Sharma said the world is witness to a rebalancing of the economic order. This presents new growth opportunities for India and Africa which are endowed with rich natural and human resources. Within one year, GDP of Asia, European Union and North America would be almost equal in size. Also, India figures among the largest global economies.

Likewise, the Africa GDP is expected to exceed $2.5 trillion in a little over a decade. The emerging order sets the tone for stronger India-Africa partnership, he said.

Drawing attention on capacity building, Mr Sharma said the Indian government will fast-track the establishment of the specialised capacity building institutions in Africa that it has committed to.

"Education is the most potent tool of empowerment of people," he said.

Touching upon the subject of food security, Mr Sharma said that as many as 80 Indian companies have invested in Africa’s agriculture sector. Looking ahead, the focus of these companies would be driving value addition in this sector, while initiating steps to curb post-harvest losses by building support infrastructure.

Noting that India’s strident progress in the ITES sector has contributed toward progressively bridging the country’s technology divide, he said that promotion of this sector could achieve similar results in Africa.

He also referred to Indian pharma companies facilitating the delivery of affordable life-saving drugs in Africa, impacting the lives of many people in the region. "We will counter the campaign that generics are sub-standard and we will ensure that the poor people get easy access to generics," he said.

Mrs Joice Mujuru, Vice President of Zimbabwe, said in her special address that Zimbabwe has ushered in a competitive business environment in the country through the Medium Term Plan launched in 2011. Now, as the country aims for double digit GDP growth by 2015, many business sectors will offer attractive investment opportunities.

Mrs Mujuru invited Indian companies to avail of the new business opportunities in diverse areas like mining, manufacturing, power generation, telecom, tourism, etc.

Mrs Mujuru laid particular emphasis on value added business activities, which would be catalysed with foreign direct investments.

She made a special reference to the diamond polishing and cutting industry in Zimbabwe which would greatly benefit from closer business engagements with Indian companies.

Mr B Muthuraman, President, CII said in his address said, "The Indian industry has established its footprint in Africa, guided by the emerging opportunities in the region instead of any government mandate. As a result, India’s business engagements with Africa are driven by the economic rationale, which I believe is a sustainable model of partnership."

Earlier, Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry (CII) said in his opening remarks that the Conclave has the presence of delegates from 40 different African countries.

Among them, there is also a group of young parliamentarians who are at the Conclave to participate in the deliberations.

Mr Syamal Gupta, Chairman, CII Africa Committee, presented the vote of thanks.

The Conclave organised by CII and EXIM Bank has attracted more than 600 African delegates from 40 African countries, with ministerial participation from 22 countries. The conclave has also hosted a technology show with the assistance of the Council for Scientific & Industrial Research (CSIR), Government of India, where India’s Triple A technologies are being showcased.