Projects worth $30 billion discussed at India-Africa conclave

March 20th, 2012 - 7:50 pm ICT by IANS  

Sunil Kant Munjal New Delhi, March 20 (IANS) More than 200 projects worth almost $30 billion in sectors like infrastructure, mining, agriculture, telecom and healthcare was discussed at the 8th edition of the India-Africa conclave that concluded Tuesday.

Over 1,100 delegates, including 36 ministers from India and several African countries, participated in the three-day India-Africa Project Partnership conclave, its organiser said.

The event was organised by the Confederation of Indian Industry (CII) in partnership with the government of India and the Export Import (Exim) Bank.

“Most of the African countries are adopting India’s business model. There is unique opportunity for us to do business in Africa,” said Sunil Kant Munjal, past president of CII and chairman of Hero MotoCorp.

Munjal said huge untapped natural resources and lack of infrastructure provided in most African countries provided an opportunity for good returns on investments.

“Infrastructure deficit in Africa and other developmental challenges may be seen as opportunities for deeper India-Africa engagements,” he said.

Addressing the valedictory session of the three-day conclave, Madhusudan Ganapathi, secretary (West) in the ministry of external affairs, said the Indian government targeted to increase trade with Africa to $90 billion by 2015.

“We are firmly committed to realise the new bilateral trade target of $90 billion by 2015. The concessional duty tariff extended by the Indian government to the least developed countries in Africa is expected to step up African exports to India,” he said.

Dean of African Diplomatic Corps Jonathan Wutawunashe said the annual conclave has acted as a forum for miracles, setting the tone for greater India-Africa cooperation.

“We are pursuing the right goals and our partnership should become more visible to the world,” Wutawunashe said.

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