India has a key role in Africa’s development process and lays particular emphasis on capacity building in different African countries. Stating this in his special address in the inaugural session of the 11^th CII-EXIM Bank Conclave on India Africa Project Partnership, being organised in New Delhi, Gen. (Retd) V K Singh, Minister of State for External Affairs, Government of India, said that India’s economic resurgence will have continued positive bearing on Africa’s development initiatives.

The Minister said the Conclave provides India and Africa the opportunity to plan effective utilisation of the major offers made by India at the 3^rd India Africa Forum Summit that was held in New Delhi in October 2015. He stated that mutual cooperation is fundamental to India-Africa partnerships. He underlined the need for deeper bilateral cooperation and partnerships for sustainable development, covering areas like clean technology, solar energy, and climate-resilient agriculture.

According to the Minister, while India-Africa bilateral trade has increased from $30 billion in 2008 to $72 billion in 2015, there is immense scope for increasing the bilateral trade flows. He urged the least developed countries (LDCs) in Africa to take full benefits from the Duty Free Tariff Preferential (DFTP) Scheme extended to LDCs by Government of India, and thereby increase African LCDs share of total African exports to India. Mr Singh called upon CII and EXIM Bank to take renewed effort to facilitate simplification of procedures governing India-Africa business and investment engagements.

Mr James Wani Igga, Vice President, Republic of South Sudan, invited Indian companies and investors to participate in South Sudan’s economic and industrial diversification. Currently, South Sudan has high dependence on oil production and exports.

Mr Igga said that the South Sudan government extends a package of incentives to prospective investors that includes tax holidays, access to land, entry work permits, easy licensing, etc. He also underscored the need for greater joint efforts by India and Africa to meet the UN’s Sustainability Development Goals.

Mr Kwesi Amissah Arthur, Vice President, Republic of Ghana, said in his special address that it is imperative for African economies to be insulated from the vagaries of global trade cycles. This could be achieved by reducing Africa’s dependence on exports of primary goods. Mr Arthur said that Indian companies and investors could play a key role in helping African industries to move up the value chain. He laid emphasis on deeper bilateral MSME cooperation, while adding that a robust MSME sector ensures more employment opportunities to the youth.

Mr Okechukwu Enelamah, Minister of Industry, Trade and Investment, Republic of Nigeria, said in his special address that the deliberations at the Conclave should be directed toward critical evaluation of the earlier commitments made by India toward Africa so that there is greater clarity on what elements of cooperation and assistance need to be carried forward. Mr Enelamah said that the private sector can give concrete expression to the vision of Indian and African leadership for long-term bilateral cooperation and partnerships. He added that the civil society could also play a key role in this regard.

Referring to the ‘Make in India’ campaign, he said that Nigeria would look to learn from India’s experience in driving local manufacturing growth. He also called for a more liberal visa regime that would facilitate easier people-to-people contacts between India and Nigeria.

Mr Sumit Mazumder, President, Confederation of Indian Industry, said that Indian FDI in Africa which stands at $13.6 billion accounts for 16% of India’s overall outward FDI. Africa is the second biggest FDI destination for India, he said. Mr Mazumder underlined the growing complementarity between Indian and African economies in terms of manufacturing exports and resource trade.

Mr Yaduvendra, Mathur, Chairman & Managing Director, EXIM Bank of India, said that large physical infrastructure development projects in Africa present compelling investment opportunities to Indian companies. He also called for focused attention on funding of innovations and innovative projects led by young entrepreneurs.

Mr Noel N Tata, Chairman, CII Africa Committee and Managing Director, Tata International Ltd, said that as African economies aims to accelerate their manufacturing growth, India will be an attractive destination market for their products.

Earlier, Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry, said in his opening remarks that geographical and product diversification are key to India’s expanded trade ties with Africa.

This Conclave has engaged the participation of 23 ministers from Africa, over 400 delegates from 37 African countries and over 400 delegates from India. At the session, the EXIM Bank report on “Focus Africa: Enhancing India’s Engagement with Southern African Development Community” and a background report on India-Africa Project Partnership were released.