India-Africa-biz conclave: Policymakers to strategise on increasing bilateral trade volume to $150 billion

By: | Updated: March 11, 2019 6:59 PM

"The event will mark the deepening of India-Africa economic and business ties and pave the way for a whole range of cross-border project partnerships," the Commerce and Industry Ministry said.

India-Africa-biz conclave, Commerce and Industry Ministry, Suresh Prabhu, India-Africa economic partnershipSenior ministers from 21 African nations will participate in the 14th CII-EXIM Bank Conclave, which will also see the presence of India’s Commerce and Industry Minister Suresh Prabhu.

Key policymakers from India and African nations will brainstorm on strategies for scaling up bilateral trade volume to USD 150 billion in the next few years at the India-Africa Project Partnerships Conclave to be held here between March 17-19.

“The event will mark the deepening of India-Africa economic and business ties and pave the way for a whole range of cross-border project partnerships,” the Commerce and Industry Ministry said.

The conclave coheres into the Indian government’s broader vision of long-term engagement with Africa and its unflinching commitment to expanding the canvas of India-Africa economic partnership which is evident from the increase in bilateral trade between India and Africa by nearly 22 per cent from touching USD 62.66 billion in the year 2017-18, it added.

Also read| Demonetisation: RBI has no data on banned Rs 500, Rs 1,000 notes used at petrol pumps, hospitals

Senior ministers from 21 African nations will participate in the 14th CII-EXIM Bank Conclave, which will also see the presence of India’s Commerce and Industry Minister Suresh Prabhu. Mahamudu Bawumia, Vice President of Republic of Ghana, Dr. Ibrahima Kassory Fofana, Prime Minister of Republic of Guinea, MonyaneMoleleki, Deputy Prime Minister of Kingdom of Lesotho will be present in the conclave.

The deliberations at the Conclave will be guided by long-term goals and objectives including encouraging Indian exporters to access the African countries and increase their presence in the region. Other key areas of discussions are enabling geographical and product diversification of Indian exports to Africa, enhancing manufacturing exports of Africa by optimal utilisation of Duty Free Tariff Preference scheme and capacity building support from India; expanding Indian investments in areas like infrastructure, agriculture and food-processing, energy, services, IT and knowledge industries.

“The Conclave will mark the pre-eminence of India-Africa partnership in the area of ‘South-South Cooperation’, at a time when the global economy is faced with intractable challenges that stem from rising protectionism and trade conflicts,” the Commerce and Industry Ministry said.

The India-Africa bilateral partnership is augmented by India’s ascendency as the fastest growing major economy, as well as Africa’s new economic dynamism illustrated by some of the Sub-Saharan economies which are among the top 10 fastest growing economies in the world.

The annual Conclave, since its inception in 2005, brings senior Ministers, policy makers, officials, business leaders, bankers, technologists, start-up entrepreneurs and other professionals from India and Africa on a common platform in a spirit of partnership.

The knowledge sessions at the Conclave will focus upon the potential areas for bilateral economic and business partnerships, core capabilities of Indian and African enterprises and opportunities for joint ventures thereof, innovative financing of significant development projects, skill development and capacity building.

The conclave is expected to see the participation of 400 plus delegates from Africa and around 300 delegates from India. The B2B meetings at this conclave are expected to be held on more than 500 project proposals from Africa.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition