CII-EXIM Bank Conclave on India-Africa Project Partnerships
GS 3: Economy
Why in News?
Ministry of Commerce & Industry will be organising the 14th CII-EXIM Bank Conclave on India-Africa Project Partnerships, in association with Confederation of Indian Industry and EXIM Bank of India in New Delhi.
- 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 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 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 deliberations will be guided by long-term goals and objectives:
- Scaling up India-Africa bilateral trade volume to USD150 billion in the next few years
- Encouraging Indian exporters to access the African countries and increase their presence in the region
- Enabling geographical and product diversification of Indian exports to Africa
- Enhancing manufacturing exports 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 event will mark the deepening of India-Africa economic and business ties and pave the way for a whole range of cross-border project partnerships.
- 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 India and Africa on a common platform in a spirit of partnership.
- The Conclave coheres into the Indian Government’s broader vision of long-term engagement with Africa. The Government of India’s unflinching commitment to expanding the canvas of India-Africa economic partnership which is evident from the increase in bilateral trade between India and Africa by nearly 22% from last year touching USD 62.66 billion in the year 2017-18.