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14th CII-EXIM Bank Conclave on India-Africa Project Partnerships to begin on Mar 17

ANI 

More than 31 ministers from 21 African countries and delegates from 37 countries will participate in the three-day 14th CII-Conclave on Project Partnerships beginning here on March 17.

The event being organised by in association with (CII) and of will mark deepening of India-economic and ties. It will pave the way for a whole range of cross-border project partnerships, said an official statement issued by the government on Friday.

Echoing key areas identified for conclave, the discussion will revolve around two key themes: digital infrastructure and digital skills.

Ghana's Mahamudu Bawumia, Guinea's and Lesotho's Deputy will be present at the conclave along with Union Suresh Prabhu, and Industry C R Chaudhary and at the

The India-partnership assumes critical importance for the global that is facing a slowdown, moderating trade and investment flows, growing trade protectionism and tightening financing conditions.

Africa's economic growth in 2018 will continue in 2019 in sub-Saharan Africa, averaging 3.6 per cent over the next two years, as per estimates.

India-Africa bilateral trade volume at 62.66 billion dollars during 2017-18 was about 22 per cent higher compared to the previous year.

The new dynamism of African economies has contributed to the region emerging as one of the highly attractive global investment destinations.

While Africa's acute physical infrastructure financing deficit estimated at about 170 billion dollars has created private investment opportunities in roads, highways, ports and airports, railroads, power generation, transmission and distribution, among other segments, the accelerated domestic economic growth has also increased demand for manufactured goods and services.

Over the years, Indian have invested in Africa across diverse sectors like agriculture, agro-processing, oil, gas, mining, minerals, education, healthcare, drugs and

The joint CII-EIF (Enhanced Integrated Framework) session during the conclave will focus on how to seize new opportunities, address key challenges and boost cooperation between Indian businesses and African least developed countries to benefit more fully from inclusive economic development.

Over the last two decades, has directed focused attention on capacity building initiatives supporting African countries while providing more than one billion dollars in technical assistance and training to personnel under the Indian Technical and Economic Cooperation (ITEC) programme.

has committed 7.5 billion dollars to Africa's infrastructure development, covering 137 projects in more than 40 countries. India has also offered duty-free market access to Africa's least developed countries.

Besides, of India has extended concessional lines of credit for critical projects in Africa.

India has a heavy dependence on fossil fuel imports to meet its burgeoning Africa has become a major source of imports for India, with and being the two main geographical sources.

At the same time, Indian are playing an instrumental role in large and gas exploration and production projects in Africa.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 14:04 IST
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