The minister of State for External Affairs for the government of India, Gen (rtd) Vijay Kumar Singh, speaks at a past event. PHOTO|FILE
What you need to know:
The minister of State for External Affairs for the Government of India, General (rtd) Vijay Kumar Singh, said here yesterday that with the Asian nation predicted to be the fastest growing economy in the world during the next few years, Africa must grab that chance and utilise it to the benefit of both parties.
New Delhi. India has urged African countries to take advantage of the Asian country’s high economic growth figures and strike partnership deals that will benefit both parties.
The minister of State for External Affairs for the Government of India, General (rtd) Vijay Kumar Singh, said here yesterday that with the Asian nation predicted to be the fastest growing economy in the world during the next few years, Africa must grab that chance and utilise it to the benefit of both parties.
“We believe there is mutual trust between India and Africa….Our high economic growth figures must also yield benefits to our brothers in Africa…..this meeting should come up with areas of mutual cooperation and benefits between India and Africa,” Mr Singh said in his special address to the 11th Confederation of Indian Industry (CII) – Export Import Bank of India (Exim Bank) Conclave on India-Africa Project Partnership.
The International Monetary Fund (IMF) predicts that India’s $2 trillion economy will grow by 7.3 per cent during the 2015/2016 period and 7.5 per cent in the 2016/2017.
On the other hand, the global economy is seen growing at 3.4 per cent in 2016 and 3.6 per cent in 2017 while that of Africa and China is estimated to grow at 5 per cent and 6.3 per cent respectively in 2016.
The CII-Exim Bank Conclave on India Africa Project Partnership brings together decision makers from various companies from the African continent as well as their counterparts from the Indian Sub-Continent with a view to discuss, negotiate and strike deals that may result in win-win situations for both parties.
A list of companies from Africa, presented at the meeting show that Tanzania and Rwanda are not represented by any company while Kenya and Uganda have been represented by one each.
Thirty-six African countries are represented at the meeting. Kenya is represented by its African Trade Insurance Agency while T.K Sequence Training Centre Limited represents Uganda at the event. Burundi is represented by a host of government official.
Ghana and South Sudan are represented by their vice presidents Kwesi Arthur and Mr James Wani Igga respectively plus a host of companies while Nigeria has sent its minister of Industry, Trade and Investment, Mr Okechukwu Enelamah.
The conclave comes just about five months since India hosted over 40 African heads of state at the 2015 India-Africa Forum Summit in New Delhi where the Asian nation announced to offer $10 billion of concessional credit to the world’s poorest continent over a period of five years.
There were keynote addresses from the CII Africa Committee chairman and managing director of Tata International, Mr Noel Tata and from chairman and from the chairman and managing director for Exim Bank of India, Mr Yaduvendra Mathur.
Data provided by Mr Singh shows that bilateral trade between Africa and India rose from $30 billion in 2008 to $72 billion in 2015, noting however that with win-win partnership deals, there was still room for massive improvement.
