New Delhi, March 15 2016: Inaugurated in New Delhi today, the 11th CII EXIM Bank Conclave on India-Africa Project Partnership aims to strengthen bilateral relations between India and Africa. In a display of solidarity, dignitaries, business leaders and more than 1000 delegates from the two countries marked their presence on the inaugural day of the event at Taj Palace hotel in New Delhi.
Among others, the inaugural session was addressed by H E Kwesi Amissah-Arthur, vice president, Republic of Ghana; Okechukwu Enelamah, Hon’ble Minister of Industry, Trade & Investment, Republic of Nigeria, H E James Vani Igga, vice president, Republic of South Sudan; Gen. VK Singh (retd.), hon’ble Minister of State for External Affairs, Government of India; Mr Yaduvendra Mathur, chairman and managing director, Export-Import Bank of India (EXIM); Mr. Noel N Tata, chairman of CII Africa Committee and managing director, Tata International Ltd and Mr. Chandrajit Banerjee, director general, CII.
Speaking at the Conclave, Mr. Noel N Tata emphasised the importance of the Conclave as a platform for understanding the aspirations of people of India and Africa. He said, “The unexpected economic events of the last 12 months, have, I believe, made partnerships between the businesses of our countries even more necessary, if not imperative.” According to him, the continued weak economic sentiment across the developed world has impacted India’s exports. “This weakness does not appear to be disappearing soon. Indian companies, therefore, need to diversify their customer and investment base and what better place than Africa,” he added.
He also added that a partnership between India and Africa could be based on geographic proximity, cultural affinity, IT and engineering talent, entrepreneurship and low cost operating models.
Mr Noel N Tata leads Tata International Limited [TIL], the global trading and distribution company of the Tata group. Over the years, TIL has formed strong strategic alliances and partnerships that have reinforced its role in international trade and business. The company has a strong presence across the African continent for more than three decades. With rising literacy rates and a wider adoption of democracy, the African continent has all it takes to lead the next phase of global growth. Between 2008 and 2015, bilateral trade between India and Africa has increased from $30 billion to $72 billion. In 2014, while 11 per cent of India’s exports went to Africa, 9 per cent of India’s imports came Africa. Also, Africa is the second largest FDI destination for India after the US.
Addressing a full house, Mr Tata talked about the three pillars of Indo-Africa relations: Knowledge sharing and skill development, Trade and investment promotion and Policy and multilateral engagements.
Mr Tata recognised the efforts made by the Government of India in facilitating Indo-Africa relations by extending line of credit to African countries. He said, “India’s approach to Africa has always been to build a partnership of equals by strengthening co-operation to bring mutual economic benefits.” He added, “Accelerated trade and investment flows between India and Africa will provide the necessary impetus for a global economic recovery.”
The 11th CII EXIM Bank Conclave on India-Africa Project Partnership is scheduled to be held between 14 and 15 March 2016 in New Delhi. The Conclave will be supported by Ministry of Commerce & Industry and the Ministry of External Affairs, Government of India. The essence of the CII Conclave has been to encourage Indian exporters to access the African countries and increase their