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India-Africa biz conclave: Policymakers to discuss strategies to scale up trade ties

Press Trust of India  |  New Delhi 

Key policymakers from and African nations will brainstorm on strategies for scaling up bilateral trade volume to USD 150 billion in the next few years at the India-Project Partnerships Conclave to be held here between March 17-19.

"The event will mark the deepening of India-economic and business ties and pave the way for a whole range of cross-border project partnerships," the said.

The conclave coheres into the Indian government's broader vision of long-term engagement with and its unflinching commitment to expanding the canvas of India-Africa economic partnership which is evident from the increase in bilateral trade between and Africa by nearly 22 per cent from touching USD 62.66 billion in the year 2017-18, it added.

Senior ministers from 21 African nations will participate in the 14th CII-Conclave, which will also see the presence of India's

Mahamudu Bawumia, of Republic of Ghana, Dr. Ibrahima Kassory Fofana, of Republic of Guinea, MonyaneMoleleki, of Kingdom of will be present in the conclave.

The deliberations at the Conclave will be guided by long-term goals and objectives including encouraging Indian exporters to access the African countries and increase their presence in the region.

Other key areas of discussions are enabling geographical and product diversification of Indian exports to Africa, enhancing of Africa by optimal utilisation of Duty Free Tariff Preference scheme and capacity building support from India; expanding Indian investments in areas like infrastructure, agriculture and food-processing, energy, services, IT and knowledge industries.

"The Conclave will mark the pre-eminence of India-Africa partnership in the area of 'South-South Cooperation', at a time when the global economy is faced with intractable challenges that stem from rising protectionism and trade conflicts," the said.

The India-Africa bilateral partnership is augmented by India's ascendency as the fastest growing major economy, as well as Africa's new economic dynamism illustrated by some of the Sub-Saharan economies which are among the top 10 fastest growing economies in the world.

The annual Conclave, since its inception in 2005, brings senior Ministers, policy makers, officials, business leaders, bankers, technologists, start-up entrepreneurs and other professionals from and Africa on a common platform in a spirit of partnership.

The knowledge sessions at the Conclave will focus upon the potential areas for bilateral economic and business partnerships, core capabilities of Indian and African enterprises and opportunities for joint ventures thereof, innovative financing of significant development projects, skill development and capacity building.

The conclave is expected to see the participation of 400 plus delegates from Africa and around 300 delegates from India. The B2B meetings at this conclave are expected to be held on more than 500 project proposals from Africa.

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

First Published: Mon, March 11 2019. 14:35 IST