India-Africa project partnership meeting underway

The 14^th CII-EXIM Bank Conclave on India-Africa project partnerships has started with more than 31 ministers from 21 African countries and business delegates from 37 countries in attendance.

Running for three days from March 17-19, the event is being held at the Taj Palace Hotel in New Delhi, India.

This annual event, since its inception in 2005, brings senior ministers, policymakers, officials, business leaders, bankers, technologists, start-up entrepreneurs and other professionals from India and Africa on a common platform in a spirit of partnership.

At least 500 delegates from Africa and 400 from India are expected to attend. Ghana's Vice President Mahamudu Bawumia, Guinea's Prime Minister Ibrahima Kassory Fofana and Lesotho's Deputy Prime Minister Monyane Moleleki attended the opening ceremony.

Speaking at the inaugural ceremony of the conclave, on Sunday, Ghana's Vice President Muhamudu Bawumia noted that Africa has a lot to learn from India in terms of economic transformation and development.

"Africa is on the move, the continent is ready to shade off the bad colonial mess and develop itself. The Africa we want can only be built by Africans and partners like India whom we share the common problems and believe in us," Bawuma said.

He noted that Africa needs to tap into its enormous resources and use its youthful population to transform the country.

The 14th edition of the conclave is focusing on the bilateral initiatives needed to bolster the India-Africa economic engagements and project partnerships.

The Conclave is being organised by the Confederation of Indian Industry (CII) and EXIM Bank of India in collaboration with the Ministry of External Affairs and the Ministry of Commerce & Industry.

India Minister of Commerce and Industry Suresh Prabhu, commended African countries for the continued partnership with India and said Africa is an important economy which needs to be partnered with. 

"Africa is a very important economy. In doing business with Africa we don't want something that benefits only India but something that benefits Africa first," Prabhu said. 

He noted that Africa and India have similar problems like poverty climate change problems among others which need to be tackled in a combined effort. 

Prabhu said that with India's economic growth at 7.3% and projected to becoming a $10 trillion economy Africa should not be left behind. 

"We have to fight together on how to bring social prosperity to our people. We are the fastest growing economy and in our growth, we don't want to leave Africa behind," Prabhu said. 

He urged African countries to fight with India to end economic colonialism to find economic freedom like they fought together against colonialism. 

India is the second largest market for African exports accounting for 6.7% in 2017 from being the seventh largest market in 2008. Only China beats it at 12.8%, according to the Confederation of Indian Industry. 

Regarding imports, India's share of the market stands at 4.5% behind China 15.7%, Germany 5.5%, France 5.2%, and the USA 5%.

The India-Africa trade volumes stand at $62b as of the financial year 2018 although the ultimate goal is to reach $150bn.

According to the Exim India Analysis, India is the seventh major investor in Africa by capital invested from 2008 to 2018. In this period India has spent up to $35.2bn.

According to a statement from the India ministry of external affairs, the conclave will present a compelling opportunity for Indian and African leadership to identify and address the underlying issues that undermine the true potentials of India-Africa partnerships.