‘India-Africa conclave to discuss projects worth over 10 billion dollars’

March 14th, 2008 - 7:54 pm ICT by admin  

New Delhi, Mar 14 (ANI): The largest ever India-Africa conclave, being held in New Delhi from March 19-21, is expected to discuss 131 projects worth 10 billion dollars.
The conclave will highlight Africa’s potential as an investment venue and increase economic cooperation between India and the nations of the African continent.
Vice Presidents of Tanzania and Ghana and 37 African Ministers are among the 925 delegates who will participate in ‘The India Africa Project Partnership 2008′, organised by the Confederation of Indian Industry (CII), the EXIM Bank, the Ministry of Commerce and Industry and the Ministry of External Affairs.
The conference will focus on four main areas: Technology, agriculture, human resources and energy. The conference will enable Indian investors to interact with key people from more than 35 African countries on one platform.
Africa is already an important trade partner for India. For example, Nigeria is India’s second largest source of imported crude petroleum, accounting for 12.2 percent (6.9 billion dollars) of India’s global imports.
South Africa is the fourth-largest source for India’s gold imports while Morocco, Senegal and South Africa are leading sources of India’s global imports of inorganic chemicals. FDI inflows to India from African countries between August 1991 and March 2007 were 18,249 million dollars.
Syamal Gupta, Chairman of CII Africa Committee and Chairman of Tata International, pointed out that Africa has a land mass that is 11 times the size of India, which is an indication of the size of the opportunities in that continent.
Emphasising that Indian companies could play a significant role there, he spoke of the Tata Group’s involvement in Africa since 1976, in various areas such as transport, information technology, hotels, mining and telecom.
Sanjay Kirloskar, Co-chairman, CII Africa Committee, highlighted India’s potential role in providing the ‘Triple A: Affordable, adaptable, appropriate technology’ to Africa.
He said, “Africa is the success story waiting to happen and one which will soon happen.”
Ethiopian Ambassador to India Gannet Zewide, reiterated that point, saying ” Many African countries are growing at double digits, such as Ethiopia. Africa is striving to close the chapter of poverty.” (ANI)

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