Africa, India ‘two bright spots’ in global economy: PM

The Dollar Business Bureau

Prime Minister Narendra Modi delivering opening address at the inaugural ceremony of the 3rd India Africa Forum Summit 2015, in New Delhi on Thursday

  Africa and India are “two bright spots of hope and opportunities in the global economy”, Prime Minister Narendra Modi said on Thursday as he offered a fresh concessional credit of $10 billion to the region over the next five years to “add strength” to the partnership. “This will be in addition to our ongoing credit programme,” Prime Minister said at the third India-Africa Forum Summit being held in New Delhi. “Today, Africa and India are two bright spots of hope and opportunities in the global economy. India is honoured to be a development partner for Africa. It is a partnership beyond strategic concerns and economic benefits,” Modi said. Earlier, India has committed $7.4 billion in concessional credit and $1.2 billion in grant since the first India-Africa Summit in 2008. It is creating 100 capacity building institutions and developing infrastructure, public transport, clean energy, irrigation, agriculture and manufacturing capacity across Africa. On Thursday, the Prime Minister offered additional grant assistance of $600 million. Of the total amount, $100 million is meant for the India-Africa Development Fund and another $10 million is for an India-Africa Health Fund. “It will also include 50,000 scholarships in India over the next five years. And, it will support the expansion of the Pan Africa e-network and institutions of skilling, training and learning across Africa,” Modi said. The Pan Africa e-network, conceived by former President APJ Abdul Kalam, links 48 African countries to India and to each other. Highlighting trade potential between India and Africa, Modi said that India is a major source of business investments in Africa and 34 African countries enjoy duty-free access to the Indian market. “African energy helps run the engine of the Indian economy; its resources are powering our industries; and, African prosperity offers growing market for Indian products,” he said. Seeking cooperation from African countries at the coming Ministerial meeting of the World Trade Organisation (WTO), Modi said that India and Africa want a “global trading regime that serves our development goals and improves our trade prospects”. “When we meet at Nairobi Ministerial of the WTO in December, we must ensure that the Doha Development Agenda of 2001 is not closed without achieving these fundamental objectives,” he said, adding that the two sides should work towards a permanent solution on public stockholding for food security and special safeguard mechanism in agriculture for developing countries. The Indian Prime Minister also pledged cooperation with African nations for the sustainable development of Blue Economy “that will become important future drivers of our prosperity”. “For me, Blue Economy is part of a larger Blue Revolution to reclaim our blue skies and blue waters, as we move on the path of clean development,” Modi told the forum. He also praised African countries for taking measures to ensure economic reforms, infrastructure development and sustainable use of resources. In 2013, at least 4 lakh new businesses were registered in Africa and 95% of the continent’s population has access to mobile phones. Apart from enhancing cooperation in the field of infrastructure, agriculture and healthcare, Modi said that the country is also willing to build technological ties with the region. “We will make available our space assets and technology. We will use the possibilities of digital technology to transform development, public services, governance, disaster response, resource management and quality of life,” Modi said.  

October 29, 2015 | 2:41pm IST.