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India calls for more cooperation with Africa

Tuesday May 23 2017
AfDBPix

Indian Prime Minister Narendra Modi (centre) with other delegates during the opening of the 52nd African Development Bank annual meetings in Ahmedabad on May 23, 2017. ANDUALEM SISAY | NATION MEDIA GROUP

Indian Prime Minister Narendra Modi has called on African states to cooperate with his country in their development programmes to improve the lives of their people.

“Many of the challenges we face are the same: Uplifting our farmers and the poor, empowering women and ensuring our rural communities have access to finance and building infrastructure.

"India will stand with you shoulder-to-shoulder for a better future for all of us,” said Mr Modi.

He made the remarks Tuesday during the opening of the 52nd African Development Bank (AfDB) annual meeting in Ahmedabad, in western India.

The premier further noted that India’s partnership with Africa was based on cooperation which was responsive to the needs of the African countries.

Economic policy

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“Africa-India trade multiplied in last 15 years. It doubled in the last five years to reach nearly $72 billion in 2014-15.

"After assuming office in 2014, I have made Africa a top priority for India’s foreign and economic policy. I am proud to say that there is no country in Africa that has not been visited by an Indian minister in the last three years,” the Premier said.

AfDB President Akinwumi Adesina, who has previous work experience in India, said he admired the Asian state’s political will and achievement in improving the lives of the people.

Dr Adesina called on India to continue investing in Africa, which he said benefits the whole world.

Future market

In Dr Adesina's opinion, partnering for Africa’s development means building the future market with its consumer spending estimated to reach $1.4trillion in the coming three years.

AfDB, he noted, was set to launch African investment forum soon to attract pension and hedge funds and insurances, among others.

He also noted that AfDB would also continue aggressively investing in Africa, including $12 billion in agriculture improvement in the coming five years.

Global value chain

In addition to agriculture, the bank has selected four major priority investment areas that speed Africa’s development, including regional integration, industrialisation and power supply.

“African farmers sweat while others eat sweets. We must end Africa being at the bottom of the global value chain. Africa is approaching an exciting time. India and Africa should navigate this opportunity and build a common future,” Dr Adesina said.

The 52nd AfDB annual meetings are also being attended by presidents Macky Sall of Senegal and Patrice Talon Benin.

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