A Moroccan delegation, led by minister of Industry, Investment, Trade and Digital Economy, Moulay Hafid Elalamy, is taking part in the 14th Conclave on India-Africa Project Partnership, which opened Sunday in New Delhi with the participation of delegates from more than 37 African countries.
The three-day event, organized by the Confederation of Indian Industry (CII) and Exim Bank, is an opportunity for Indian and African leaders to assess the progress made in their partnership and address future needs in this regard, said Mr. Elalamy.
The Conclave aims to build sustainable partnerships between India and Africa, added the minister, noting that Africa needs major infrastructures with 57 pc of the African population being off-grid and 37 pc without access to drinking water.
For his part, Indian Minister of Commerce, Industry and Civil Aviation, Suresh Prabhakar Prabhu said that the first objective of the India-Africa partnership is to increase the volume of India-Africa trade to $150 billion in the coming years.
The commitment of the Indian Government to expand economic ties with Africa is shown by the 22 pc increase in trade between the two regions, which reached $62.66 billion in 2017-2018, underlined Mr. Prabhakar Prabhu.
The conclave will mark the pre-eminence of India-Africa partnership in South-South cooperation at a time when the global economy is facing major challenges as a result of protectionism and growing trade conflicts, the Indian Ministry of Commerce and Industry had stressed in a statement.
The India-Africa bilateral partnership is reinforced by India’s growing role as the fastest growing major economy, as well as by the new economic dynamism of Africa as illustrated by some sub-Saharan economies, which are among the world’s top 10 most dynamic economies, the statement had said.
The New Delhi meeting features debates and presentations on innovative financing to deeper investment ties, Indian investments in Africa, partnerships in agriculture & food security, Africa’s connectivity, the digital potential of African countries and investment in African infrastructures and skills.
The 14th Conclave is attended by more than 400 African delegates and about 300 Indian businessmen and decision-makers. It aims to encourage Indian exporters to trade with African countries, to increase exports of manufactured goods and Indian investments in Africa.
Set up in 2005, the Conclave seeks to build bridges to strengthen the partnership and economic cooperation between India and Africa.