India-Africa trade: three-day summit from March 19

Ahead of the India-Africa summit in April, a three-day conclave on trade with the objective of crystallising projects...

Ahead of the India-Africa summit in April, a three-day conclave on trade with the objective of crystallising projects by Indian companies in Africa will be held from March 19 to 21. Around 131 projects worth $10 billion will be discussed by Indian business honchos and their African counterparts. As many as 31 African delegations are expected to participate in the discussions.

“At the end of the three-day summit, we hope to zero in on some of the projects, which will be implemented on ground,” said Tarun Das, chief mentor, Confederation of Indian Industry (CII), which is organising the conclave in collaboration with the Government and the Exim bank.

The conclave, Das said, will give its inputs to the India-Africa summit in April, which will have heads of all states and Governments from most African nations.

Brushing aside criticism that India was following China’s footsteps to woo investors, Das said, “Our industry has undergone an internal revolution from 1993 and 2002, it was only after that India had the confidence to expand its horizons.”

“Our strategies also are different from that of China. Our approach is not state-controlled and it is more flexibile and transparent. It is slow, but steady, like the elephant.”

His views were shared by Syamal Gupta, chairman of Tata International and Sanjay Kirloskar, CMD of Kirloskar brothers, who have business interests in Africa for the past several decades.

Gupta said Africa has a land mass that is 11 times the size of India, which is an indication of the ample opportunities available in that continent. Emphasising that Indian companies could play a significant role there, he mentioned about the Tata Group’s involvement in Africa since 1976, in various areas such as transport, information technology, hotels, mining and telecom.

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Kirloskar, who is also the co-chairman of the 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.”

Ugandan Ambassador Nimisha Madhwani said contrary to the negative image of Africa portrayed in the media Africa is a safe investment destination. She added, “Only 10 per cent of Africa is developed in spite of its large size… think of the opportunities.”

Ethiopian Ambassador Gannet Zewide and High Commissioner of Ghana John Bentum Williams reiterated, saying, “Many African countries are growing at double digits, including Ethiopia. Africa is striving to close the chapter of poverty.”

Das said: “Africa is not a 100-metre race, it’s a marathon. That’s what I tell my friends in the Indian business community.”