1. India and Africa, seeking to further strengthen the economic engagement, have set a target of $70 billion by 2015.
2. India also reaffirmed its commitment to provide cheap medicines for the poor despite strong legal and diplomatic offensive launched by Western pharmaceutical companies.
3. “We have set for ourselves a target of $70 billion by 2015 and I am sure that we will be able to achieve it. At present, the trade stands at $45 billion,'' Commerce and Industry Minister Anand Sharma said while inaugurating the seventh conclave on India-Africa Project Partnership, ‘Creating possibilities: delivering value', organised jointly by the Confederation of Indian Industry and the Exim Bank with the support of ministries of commerce and industry and external affairs.
4. Mr. Sharma reiterated India's commitment to ensure supply of affordable life-saving drugs for poor people. “India will not allow a situation where life-saving medicines are out of the reach of poor people.
5. We will ensure that whatever new molecules develop, the benefit must reach the poor people,'' he said.
6. He pointed out that Indian generic has played a pivotal role in bringing down the cost of treatment of diseases like HIV-AIDS from above $11,000 to less than $400.
7. “This has not happened without threat. Legal and diplomatic battles have to be fought and won due to stranglehold of multinational cartel which was denying the availability of these drugs to people in poor countries.
8. India has one of the finest IPR regimes, at the same time, intellect of the world must be for the benefit of humankind,'' he said.
9. The Commerce Minister highlighted food and energy security threat in the backdrop of fragile global recovery from the financial crisis and unrest in Africa and West Asia.
10. The Exim Bank has entered into an agreement on a project basis with Tanzania and Mozambique to provide lines of credit worth $36 million and $20 million, respectively.