Addressing the 18th CII-EXIM Bank Conclave being held in Delhi from 14-16 June, India’s External Affairs Minister Dr S Jaishankar said India and Africa have key roles in carrying out global rebalancing and in unleashing capabilities and potentials of each other.
Stressing the need for finding a new strategy for increasing the economic engagements between the two regions, Dr. Jaishankar said that India has extended concessional loans of over US$12.37 billion to Africa, which formed a substantial part of the total line credit extended by India. He said that 197 projects including drinking water schemes, irrigation, rural solar electric power plants, and transmission lines – have been completed in the framework. Currently, 65 more projects are under execution and 81 are at the pre-execution stage, he said, adding that they have generated local employment.
Dr. Jaishankar laid focus on five pillars for building India-Africa synergy, such as digitization, green technology, healthcare, and food security including millet and water. “They are in tune with the pressing priorities of Africa,” he stated.
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While referring to the significant growth in India-Africa bilateral trade flows, Jaishankar hoped that the implementation of the Africa Continental Free Trade Area (AfCFTA) would pave the way for increased investments by Indian companies in Africa. India, he said, was among the top five large investors in Africa and he was confident that it would grow further.
India’s external affairs minister said that his country’s bilateral trade with Africa has reached US$ 98 billion in 2022-23 compared to US$ 89.6 billion in the previous year and hoped it would cross US$ 100 billion soon. Jaishankar said: “We are now encouraging Indian pharma manufacturers and vaccine manufacturers to explore joint manufacturing facilities in the African countries.”
Gen (Retd) CGDN Chiwenga, Vice President of Zimbabwe, who addressed the gathering 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, etc.
Vital Kamerhe Lwa Kanyiginyi, Deputy Prime Minister of Congo stated that his country has been preserving its forest cover, rich with mineral resources, and has the potential to generate hydropower which can be utilized for accelerated development. He welcomed Indian businesses to participate in the construction of rail lines and highways connecting the remotest areas of the African continent.
Mr R Dinesh, President, CII focussed on five points for fostering India-Africa economic relations. They were financial services, manufacturing including pharmaceuticals, imparting skills for young people and MSMEs, digitization, and green energy.
Noel Tata, Chair of the CII Africa Committee, stressed upon Africa’s economic integration, and the need for boosting domestic manufacturing in Africa.“They have generated local employment even as they change the lives of many people in Africa,” he added.
