The partnership between India and Africa has assumed critical importance for a global economy shackled by a slowdown, moderating trade and investment flows, growing trade protectionism and tightening financing conditions. The Organisation for Economic Cooperation and Development (OECD) forecast in its interim outlook report in March that the world economy would grow by 3.3 per cent in 2019 and 3.4 per cent in 2020. In this gloomy global economic environment, India has stood out as a bright spot with projected GDP growth of 7.3 per cent in 2019, according to Moody's Investors Services. Meanwhile, Africa's economic growth in 2018 will continue in 2019, averaging 3.6 per cent over the next two years, say World Bank estimates. To capitalise on the two regions' potential growth, the 14th CII-EXIM Bank Conclave on India-Africa Project Partnership was held last month in New Delhi under the title of “partnership and entrepreneurship”. The first Conclave was launched in 2005 by the Confederation of Indian Industry (CII) in partnership with the Export-Import Bank of India (EXIM) and with the support of the Ministry of External Affairs and the Ministry of Commerce and Industry of India. Over the last 12 editions, the event has been instrumental in building partnerships and enhancing economic engagement between the two regions. The Conclave has laid the foundations for many new cross-border partnerships to take place. India-Africa bilateral trade volumes stood at around $60 billion in 2017-18, 22 per cent higher than in the previous year. They are targeted to reach $150 billion in the next five years. Attended by high-ranking representatives of 21 countries, this year's Conclave discussed issues such as clean technology, solar energy, climate-resilient agriculture, maritime security, connectivity and the blue economy. They discussed how Indian industry could play a bigger part in Africa's manufacturing renaissance and how best India could partner and finance Africa's infrastructure development projects. The discussions also addressed the future of India-Africa partnerships in food markets. According to World Bank estimates, the demand for food in the regions will double by 2050, and India has been partnering with Africa in the agriculture sector in areas like capacity building, skills training, agricultural research and development, irrigation projects and the supply of farm equipment. The African market is the future of investment in the coming period, and several African countries are models of success, including the Egyptian experience of economic and financial reform, Suresh Prabhu, the Indian minister of commerce and industry, said. “We are keen to have electricity in every house in Africa through renewable energy systems, especially solar energy, so as to enhance the chances of growth and enhance the skills of human capital in Africa,” he added. David Rasquinha, executive director of the EXIM Bank of India, said the bank's credit lines for projects in Africa covered 40 countries and targeted all development sectors that promote growth opportunities in Africa. He added that the bank had allocated $30 million for three solar energy projects in Benban in Aswan in Upper Egypt. The Conclave was an opportunity for Egypt to make its case. “We have held intensive meetings with various business organisations to offer investment opportunities in Egypt,” said Heba Al-Marassi, Egypt's ambassador to India. She added that investors in India intended to increase their investments in Egypt in various sectors, adding that this year's Conclave was particularly important because it coincides with Egypt's presidency of the African Union.
