Dinesh has called for enhancing African exports to India
Indian and African business leaders and Ministers have listed out opportunities for building on the growing trade and investment between their countries at the 18th CII-EXIM Bank Conclave on India Africa Growth Partnership, organized by the Confederation of Indian Industry (CII) and EXIM Bank of India in New Delhi.
To boost the India-Africa bilateral flows, CII President R Dinesh has called for diversification of the trade basket, enhancing African exports to India, ensuring more effective utilisation of concessional lines of credit offered by India to African countries, and streamlining of visa services, among others.
Dinesh also recommended expanding Indian bank presence, strengthening healthcare cooperation, enhancing online education and digital partnerships, and prioritising green energy collaboration including scaling up lines of credit for green projects and sharing knowledge and R&D outputs to deepen India-Africa partnership.
The implementation of the Africa Continental Free Trade Area (AfCFTA) agreement, complemented with the strong transportation and logistics networks, will help boost bilateral trade flows between the two sides, elaborated Noel Tata, Chairman, CII Africa Committee and Chairman, Tata International Ltd.
Tata, Chair of CII Africa Committee, stressed upon Africa’s economic integration, and the need for boosting domestic manufacturing in Africa.
The partnership between India and Africa is truly multifaceted that includes strengthening developmental partnership, growing private sector engagements and increased collaboration in the financial sector, according to Harsha Bangari, MD, EXIM Bank of India.
CII Director General Chandrajit Banerjee listed digitalisation, infrastructure development and agriculture among a broad spectrum of areas where India-Africa partnerships are growing.
African Ministers also highlighted the potential opportunities and prospects in the continent, said CII in a release on 15 June 2023.
Gen (Retd) Dr. C.G.D.N Chiwenga, Vice President, Republic of Zimbabwe, noted that it was a boon to have deep bilateral relations amidst the current geopolitical tensions and the pandemic.
He also noted that the implementation of the AfCFTA would trigger investments, and develop the tourism sector, agriculture, manufacturing, among others.
Vital Kamerhe Lwa Kanyiginyi, Deputy Prime Minister, Democratic Republic of Congo, explained how his country has been preserving its forest cover, rich with mineral resources.
He informed that Congo has the potential to generate hydropower which can be utilised for accelerated development.
He welcomed Indian businesses to participate in construction of rail lines and highways connecting the remotest areas of the African continent.
Baboucarr Ousmaila Joof, Minister of Trade, lndustry, Regional Integration and Employment, Republic of The Gambia, updated delegates on investment opportunities being created under the Trans-Gambia Corridor project.
He invited Indian companies to participate in the corridor and the regional economic development.
Dr. Tambo Gina, Minister of Economic Planning & Development, Kingdom of Eswatini, stated that the country offers significant investment opportunities in sectors like telecom and power generation and that there are no restrictions on foreign investments.
Hugues Judicael Mbadinga Madiya, Minister of Investment Promotion & PPPs, Gabonese Republic, highlighted that the renewable energy sector opens up newer avenues for investments.
Indian companies are actively engaged in the country across sectors including infrastructure development, mining, agriculture and education, he said at the conclave.
Simplex Chithyola Banda, Minister for Trade and Industry, Republic of Malawi, informed that his country has initiated key steps to unlock the potential of the SME sector.
He called for India-Africa conclaves to be organised in Africa that will help promote the participation of SME businesses.
A CII publication titled ‘India Africa Trade: Scaling the US$200 billion peak’ was released at the conclave. Also released were EXIM Bank of India reports – titled ‘Forging Sustainable India-Africa Partnership through Green Transition’ and ‘India’s Investment Potential in Africa’. Fiinews.com
