Seeking to forge a new economic partnership, Indian and African businessmen, delegates and political leadership went into a huddle discussing investments to the tune of $18 billion covering nearly 204 projects ranging from energy to education.
With the seventh edition of the CII-Exim Bank conclave on India Africa Project Partnership coming to an end on Tuesday, over a dozen Ministers, including two Prime Ministers, attended the meet. The conclave witnessed the largest ever participation of 650 delegates.
Speaking at the valedictory session on Tuesday, Togoan Prime Minister Gilbert Fossoun Houngbo said the partnership between India and Africa was all about poverty alleviation and wealth creation for our people.The Prime Minister said he had a dream to see this kind of gathering of India and African businessmen in his country's capital, Lome.
Stating that India had adopted a three-tier strategy for the African continent, Vivek Katju, Secretary (West), Ministry of External Affairs, said the last decade had seen an unprecedented expansion in Indian-African ties. “The new framework of cooperation is for mutual benefit through sustainable and consultative mechanisms. In settling priorities, we are guided by our African partners,” said Mr. Katju.
India has extended $5.4 billion worth of lines of credit to Africa for five years, since 2009-10, as well as grants of $500 million.
Mr. Katju also referred to the fact that 19 African countries have so far taken advantage of India's duty-free tariff scheme for less developed countries. The next India-Africa summit will be held in May at Addis Ababa, Ethopia.
