Finance Minister Jaitley while speaking at the inauguration ceremony of the annual meeting of the African Development Bank. (Source: ANI)Finance Minister Jaitley while speaking at the inauguration ceremony of the annual meeting of the African Development Bank said that the 21st century belongs to Asia and Africa in equal measure. Jaitley said that the 21st century belongs to Asia and Africa in equal measure. Jaitley said that with the changing global landscape for agriculture and food security, India and Africa can emerge as key partners in these areas. The finance minister also said that there is an increasing possibility of disruption in the global economy due to the inward looking policies of some advanced countries.
Finance Minister Jaitley emphasised that cooperation between Indian and Africa was not a one-off event but a model of a voluntary partnership without any conditions. Jaitley said, ”India’s partnership model is different. As an emerging economy ourselves, we understand that a prescriptive model of partnership does not work. Therefore the cornerstone of India’s policy is avoluntary partnership,” according to the Indian Express.
Jaitley added that ”India’s efforts are making an impact on Africa, our share of announced greenfield projects grew from 3.3 percent in 2003-08 to 6.1 percent in 2009-15.” The minister also added that during the same time period China’s share decreased from 4.9 percent to 3.3 percent.
The 2017 African Economic Outlook released on Monday at the African Development Bank summit showed that China led greenfield investments to Africa for the financial year 2015-16 (USD 38.4 billion), while during the same time frame India invested USD 2.2 billion across 64 projects in Africa.