Vice President Courts Indian Investors to Invest in Africa

Company News of Monday, March 18, 2019

Source: ghananewsagency.org

2019-03-18

Vice President Mahamudu Bawumia encouraged Indian investors to constructively engage their African counterparts for business development as they prepared to take their destiny in their own hands to take their rightful place in the courtesy of the business community. nations.

He added that Africa was overcoming past failures due to colonial experiences and alignments of the cold war, compounded by real bad governance.

Vice President Bawumia addressed delegates at the ongoing 14th CII-EXIM Bank Conference on India-Africa Project Partnership in New Delhi, India on Sunday.

"The new race to Africa, according to The Economist Magazine, is now led by a new generation of Africans determined to make a difference through technological innovations and business and market development. ", did he declare.

"The Africa we want can only be built by Africans in partnership with countries and investors who also believe in this paradigm of change."

The three-day Conclave, organized under the auspices of the Confederation of Indian Industry (CII) in collaboration with the Export-Import (EXIM) Bank of India, had as its theme "Partners for the development – building new synergies ". and heads of government from 41 African countries.

Over the last 13 years, the CII-EXIM Bank Conclave partnership on the India-Africa project has become a pioneering event for Indian and African governments and industry to meet and explore new partnership opportunities, and allows Indian and African leaders to take stock of the progress of the partnership and meet future needs.

Describing a number of areas likely to make investment in Africa attractive, Vice President Bawumia urged participants to let the conversation about Africa's future take place outside of "old business districts and old commitments". between the government and the companies ".

"Africa is an emerging market that offers great opportunities for economic growth and prosperity with more than 1.2 billion people and a combined GDP of 2.24 billion US dollars.

"It is the second largest and second most populous in the world and by 2050 it will be the world's most populous continent, with an estimated GDP of $ 29 trillion."

He said the continent was endowed with natural resources with the appropriate complementary factors, which could be harnessed for accelerated and inclusive economic growth.

He said Africa is the country with the world's 15 fastest growing economies, and that the growth rate should push consumer spending from $ 860 billion in 2008 to over $ 1.3 trillion in 2020.

Vice President Bawumia said the continent's leaders would be less cluttered with the African Union's Agenda 2063 Declaration, the long-term vision of the continental body for an integrated and prosperous continent.

He added that, given the importance of the free movement of goods, services and people from one country to another for socio-economic development, the Single Market for air transport African (SAATM), a flagship project of the African Union Agenda 2063, has been launched to create a single market for air transport in Africa.

This should allow great freedom of air transport in Africa.

On March 21, 2018, in the Rwandan capital, Kigali, Ghana's President, Nana Addo Akufo-Addo Dankwa, and other African leaders had the pleasure of signing the Agreement Establishing the Free Trade Area. continental African continent (AfCFTA).

It is intended to improve air connectivity, improve intra-African trade, expand markets through continental economic integration and free movement of people, and provide better business opportunities.

Vice President Bawumia said that it was in this context that he had encouraged relevant government officials from Ghana and India to engage in discussions that could pave the way for a cooperation and mutually beneficial partnerships.

"This is a sure way for both sides to explore the economic opportunities that abound in Africa and India.

"Let's start from here with concrete commitments in business partnerships in key strategic areas.

"Let us know what we do not do well as governments and what can be done to strengthen business partnerships.

"Together, let's make great efforts to improve the lives of ordinary people in India and Africa so that they too realize that these industry discussions are also good for them in the long run."