A day after Prime Minister Narendra Modi talked about “Asia-Africa Growth Corridor”, a vision document that envisages a “free and open Indo-Pacific region” for countries in Asia and Africa was launched before the African nations at the African Development Bank Meeting (AfDB) at Gandhinagar on Wednesday.
The AAGC not only focuses on drawing on strengths of India and Japan in creating a pan Africa E-network, developing industrial corridors, telecommunication networks and power grids, but also provides a chance to nations in Africa-Asia region to emerge as a “competitive economic bloc.”
“The leaders wanted India and Japan to synergise their efforts and explore specific joint projects including in area of trade, capacity building, health, infrastructure and connectivity… We have shared vision of a free and open Indo-Pacific region. This is vital to achieving prosperity of entire region… We want to work with other partners, especially African countries for better regional integration, improved connectivity, as well as industrial networks,” said Arjun Ram Meghwal, Minister of State for Finance while attending a session on “Japan-India cooperation for the development of Africa” at the AfDB summit.
Japan’s Minister of State for Finance, Taku Otsuka said, “We are jointly developing the Asia-Africa Growth Corridor vision to make Asia and Africa grow into a global growth centre which is inclusive and open to the world.”
The 30-page document, prepared together by think-tanks from India and Japan and released on Wednesday states: “The idea is to transform the region into a growth corridor which would embed the development processes and value chains in Africa and Asia. It will enable these economies (in Asia and Africa) to further integrate and collectively emerge as a globally competitive economic bloc.”
Professor Sachin Chaturvedi, Director General of Delhi-based (Research and Information System for Developing Countries (RIS), one of the three main agencies that prepared this vision document said, “We launched the vision document which is a road-map for an Asia-Africa Growth Corridor …”
“We have come up with just the framework for the road-map to go forward. It brings in essential Japanese ethos and culture of working with quality. It brings in India’s experience working in Africa with compassion and commitment,” Chaturvedi said.
“The AAGC will be raised on four pillars of development and cooperation, projects, quality infrastructure and Institutional connectivity,” stated the document on the AAGC corridor.
The corridor is being presented as a “transparent and inclusive” alternate to the African nations, and is also meant to check the increasing Chinese presence in Asia and Africa.
Exim Bank signs agreements with Rwanda & Ghana
The Export-Import Bank of India (Exim Bank) on Wednesday extended a Line of Credit (LoC) of $81 million to Republic of Rwanda for 10 vocational centres and four business incubation centres.
An agreement to this effect was signed here between Gatete Claver, Minister of Finance and Economic Planning, Republic of Rwanda and David Rasquinha, MD, Exim Bank. The bank has extended four LoCs to Rwanda with a total value of $281 million.
Also, a credit confirmation statement of $398.33 million was signed with the Government of Ghana for construction of railway line in Ghana. (ENS)