NEW DELHI, Mar 15: Marking the deepening of India-Africa economic and business ties and paving the way for a whole range of cross-border project partnerships, CII-EXIM Bank Conclave on bilateral partnership will begin here on March 17.
India-Africa bilateral trade volume at USD 62.66 billion for 2017-18, was around 22 per cent higher than that of the previous year.
Union Commerce and Industry Minister Suresh Prabhu, his deputy C R Chaudhary and Commerce Secretary Dr Anup Wadhawanwill also participate in the Conclave.
The three-day event is being organized by Ministry of Commerce & Industry in association with Confederation of Indian Industry and EXIM Bank of India.
Dr Mahamudu Bawumia, Vice President of Republic of Ghana, Dr Ibrahima Kassory Fofana, Prime Minister of Republic of Guinea, Monyane Moleleki, Deputy Prime Minister of Kingdom of Lesotho will be present in the conclave.
More than 31 senior Ministers from 21 African countries apart from business delegates from 37 countries would be participating at this event.
The India-Africa partnership has assumed critical importance for the global economy that is facing a slowdown, moderating trade and investment flows, growing trade protectionism and tightening financing conditions.
Africa’s economic growth in 2018 will continue in 2019 in sub-Saharan Africa, averaging 3.6 per cent over the next two years, as per World Bank estimates.
The new dynamism of African economies has contributed to the region emerging as one of the highly attractive global investment destinations. While Africa’s acute physical infrastructure financing deficit, estimated at about USD 170 billion, has created private investment opportunities in roads, highways, ports and airports, railroads, power generation, transmission and distribution, among other segments.
The accelerated domestic economic growth has also increased demand for manufactured goods and services. Indian companies have down the decades invested in diverse sectors that include agriculture and agro-processing, oil and gas, mining & minerals, education and healthcare, drugs & pharmaceuticals.
The 14th joint CII-EIF (Enhanced Integrated Framework) session during the conclave will focus on how to seize new opportunities, address key challenges and boost cooperation between Indian businesses and African LDCs to benefit more fully from inclusive economic development.
Echoing the key areas identified for the Conclave, the discussion will revolve around two key themes: digital infrastructure and digital skills.
(UNI)
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