The 17th Indian Industry (CII) - Exim Bank Conclave on India-Africa growth partnership

Tags: National News

The 17th CII - Exim Bank Conclave on India-Africa growth partnership was held on 19th- 20th July 2022 in New Delhi.

Important facts

• Commerce and Industry Minister Piyush Goyal addressed the conclave.

• He called for the expansion, diversification and partnership of India-Africa economic ties to include emerging sectors such as solar energy, start-ups and digital infrastructure.

• India Exim Bank’s study titled “Building a Resilient Africa: Enhanced Role of India” was presented during the conclave.

Four major focus areas for the India-Africa partnership

• Four major focus areas for the India-Africa partnership are-

1. Solar power 

2. Military exchanges in the reference of the security of the Indian Ocean

3. Physical and digital infrastructure, health care, pharma and vaccines

4. Start-up ecosystem

India-Africa partnership

• Trade between India and African countries has been balanced with exports of around $40 billion and imports of $49 billion.

• Africa is India's fourth largest trading partner.

• Merchandise trade between both countries grew by 34 percent from USD 67 billion in 2019-20 to USD 89 billion in 2021-22.

• India has given 27 less-developed countries from Africa the benefit of duty free tariff preference. 

• With both countries receiving significant amounts of sunlight, solar energy could be an area of engagement between Africa and India.

• Military exchanges in the Indian Ocean, defence trade, manufacturing in the defence sector can lead to greater engagement between Africa and India.

• India stands ready to help African countries in the areas of physical and digital infrastructure, be it information technology, setting up new infrastructure projects, helping with healthcare and manufacturing of vaccines.

About the Conclave

• It was launched in the year 2005 with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India.

• The Conclave has been instrumental in encouraging Indian companies to establish and grow their footprints in Africa.

• The upcoming edition will focus on large scale trade and industry, exports, investments, exchange of knowledge and expertise between India and Africa.