|
Concluding Address by Mr Rajeev Chandrasekhar, MP & President FICCI INDIA-AFRICA FORUM SUMMIT Your Excellencies, The India-Africa Forum Summit has been a strong and productive engagement and dialogue for all of us, where the political and business leaders of the great continent of Africa interwork with the sub-continental economy of India. This summit has seen an unprecedented gathering of Heads of States, Ministers and Policy makers and Indian Industry coming together to explore mutually beneficial opportunities of investment and partnerships. India and Africa together account for one-third of the population of the world. The challenge for both is to convert the demographic advantage to an economic dividend. We are both agreed that rapid economic growth is the only sustainable way to solve our problems of poverty and deprivation that impact too many in both regions. Deeper business engagement between India and Africa will stand out as a stellar example of South-South cooperation and set the further basis of restructuring of the global order which is already being changed by the growing influence of Asia. India – Africa equation could further and even more irreversibly move the centre of gravity to the emerging economies of Asia and Africa in the midst of a turbulent global economic environment. As most of you are aware, the catalyst for India’s economic expansion and rapid growth in the last several years has been the unleashing of the energy and spirit of its many entrepreneurs. A phenomenon unseen in any other developing country. As an entrepreneur myself and as a first hand witness to the dramatic changes in my country over the last decade or so, I can assure you that unleashing entrepreneurship has far reaching and positive economic consequences on a country’s economy and its challenges of poverty and deprivation. I am convinced a big benefit arising out of the Indo-African business relationship will be the unleashing of similar entrepreneurship in Africa. The presentations made by the CEOs/Entrepreneurs from India, has identified significant and many areas of potential co-operation between Africa and India. I believe that the Indian industry is committed to looking at two way business partnerships. We believe in long term partnerships that are a win-win for both countries/partners involved. There are many possible areas of cooperation / knowledge sharing like IT, Telecom, Bio-Tech, healthcare, pharmaceuticals, agro-industries, e-governance, e-based distance learning, micro finance etc and the entire Infrastructure space where India has evolved a model of public private partnership that will be a very viable model for Africa as well. India Inc has invested US$10.25 billion across the world last year alone and total external investments approach US$ 50 billion. That along with our Prime Minister’s announcement yesterday of expanded credit lines from India to Africa to over $5.4 billion, additional grants of $500 million and Duty Free Tariff Preference Scheme for 34 African Nations - reaffirms our credibility as an investing and trading partner for Africa. Our investments are true Partnership investments that create value and economic growth in the markets and in partners. FICCI has played its part to interface with the entire continent of Africa in five sectors so far. We have organized India-Africa Health Summit, India-Africa Education Synergy, India-Africa Agricultural Summit, India-Africa Water Summit and just a few months ago the India-Africa Hydrocarbon Summit. I believe that these efforts have had the catalyst role intended, triggering of investments, joint ventures, bi-lateral trade and business deals and I hope this India-Africa Summit has further stimulated the interest to deepen this business engagement. In ending, On behalf of both FICCI and CII, I express our deepest gratitude to the Hon’ble Heads of States, the Hon. Ministers and leaders of delegation of African nations, who are in our midst today for giving Indian business this opportunity and we look forward to a significant expansion of our economic engagement. We are deeply grateful to our Ministers led by Shri Pranab Mukherjee, our Minister for External Affairs. Many senior officials and diplomats have worked with us to make today’s event happen, as a building block to a bold future. I thank them all. |