India and Africa emerging as beacons of hope in a troubled world

Johannesburg, Nov 1 (PTI): The economic outlook for both India and Africa is looking great, with the two regions emerging as beacons of hope and opportunity, a panel of government and business leaders said here at a bilateral conclave on Monda.

India and Africa emerging as beacons of hope in a troubled world

Johannesburg, Nov 1 (PTI): The economic outlook for both India and Africa is looking great, with the two regions emerging as beacons of hope and opportunity, a panel of government and business leaders said here at a bilateral conclave on Monday.

The conference, hosted jointly by the Confederation of Indian Industry (CII) and Exim Bank, set the tone for a full day of sessions to be held on Tuesday which will focus on the manufacturing, services, agriculture, food processing, mining, infrastructure, finance, and energy sectors.

Rajesh Sharma, Chairman and Managing Director, Ion Exchange (India) Ltd, said CII had hosted conferences similar to this one across Africa as it moved away from its approach of “one size fits all” and chose to explore "synergies and complementarities" between India and African regions.

“In India, we see South Africa as an ideal site for forging closer cooperation between India, the world’s fastest growing economy, and the emerging economies of the Southern African Development Community (SADC).

The SADC has Angola, Botswana, the Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Swaziland, United Republic of Tanzania, Zambia, and Zimbabwe as its member states.

“The SADC countries are rich not only in minerals and numerous non-renewable resources, but they are also better placed in terms of infrastructure and young demographics. India is also important as an export destination for SADC countries,” Sharma said.

“Unlike earlier, we have shifted the focus in these conclaves from project partnership to growth partnership. This is an important distinction, as the growth partnership suggests a broader involvement of Indian companies in the economic transformation of the region, rather than simply focusing on the transactional approach of a project basis,” he added.

Sharma said the SADC region had accounted for 90 per cent of Indian investments in Africa over the last two decades, with investment mostly concentrated in Mauritius, Mozambique, and South Africa.

“India needs to put more emphasis in involving and expanding the footprints of the private sector in developing the industrial and regional value chains in these countries,” Sharma said.

“India’s investments in the SADC region exist in the majority in energy, industries like coal, oil and gas. India needs to diversify its investments in other sectors as well. Potential sectors that can broaden India’s investment base in the region include agro processing, mineral processing, manufacturing, pharmaceuticals, textiles and apparel, leather and footwear, automotive components and many other industries where we can help the development of the SADC region,” Sharma said.

Mozambican Minister of Industry Silvino Moreno said the bilateral relationship with India had translated into joint actions which have led to improvements in the living conditions of his country’s citizens.

“In the last five years, our trade balance shows India as the third largest partner in terms of exports valued at US $5.8 million. Our private sector wants to increase the level of international investment, so we invite Indian investors to come and continue to invest in Mozambique,” Moreno said.

Indian High Commissioner to South Africa Jaideep Sarkar said India could help South Africa in its plans to develop a hydrogen valley.

“India already has a green hydrogen policy in place, so whether it is solar or hydrogen, India and South Africa are well-placed to cooperate,” Sarkar said.

Vikramaditya Ugra, Chief General Manager at Export-Import Bank of India, said the potential for cooperation between Indian companies and the SADC region was “below potential.” “Amidst the uncertainties which are weighing heavily on global growth, India and Africa are emerging as beacons of hope.

“To further enhance collaboration with southern Africa, India will need to be dynamic in its actions and address the changing needs of this region. It is time to reinvigorate the India-SADC partnership to ensure sustainable growth and fair distribution of costs and benefits,” Ugra said. PTI VN VN

(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)