EXIM BANK CONCLAVE

• Recently, at the 17th Confederation of Indian Industry (CII) Exim Bank Conclave on India-Africa Growth Partnership (New Delhi, India), India has emphasized upon the need for a trade and investment agreement between India and Africa.
• Earlier, the Indian Vice President visited Senegal and three MoUs (Memorandums of Understanding)for cultural exchange, cooperation in youth matters and visa free regime were signed.
• It was launched in the year 2005 with the support of the Ministry of External Affairs and the Ministry of Commerce & Industry, Government of India.
• It had been rechristened as “CII EXIM Bank Conclave on India Africa Growth Partnership” expanding the earlier focus on “Project Partnership”.

Significance:

• The conclave has not only set the ground for many new cross-border partnerships to take roots, but also conducted a critical evaluation of the existing collaborative arrangements on the basis of which a new roadmap for future Africa partnerships would be designed.
• It has given shape to policy dialogues of the Government of India, Exim Bank and the Industry.
• It has encouraged Indian exporters to access African Countries.
• It has provided a platform for discussing more than 4430 projects.
• It has encouraged companies looking for business opportunities beyond Government of India’s Lines of Credit.
• It has facilitated dialogue with other financial institutions in the African region, with competitive credit facilities to support business efforts by Indian companies.

Relations With Africa

• India will be able to offer new technologies that will help expand trade, commerce, business, investment & opportunities for Africa’s youth.
• India’s development partnership with Africa will be on terms that will be comfortable to Africa that will liberate its potential and not constrain its future.
• India’s experience with digital revolution to support Africa’s growth, extend education, health, spread digital literacyand quality infrastructure could be harnessed.
• India’s Startups and digital innovations like Unified Payments Interface (UPI), Open Network for Digital Commerce (ONDC) etc. can benefit Africa immensely.
• Higher education or skill development, building stronger financial partnerships or strengthening value chains in agriculture and food processing, all these should be the significant sectors of cooperation between India and Africa.
• As global engagement in Africa increases, India and Africa can ensure that Africa does not once again turn into a theatre of rival ambitions.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT