1. Seeking big participation of Indian business houses to boost the economic cooperation and help in resurgence of Africa, Mozambique Prime Minister Aires Bonifacio Baptista Ali on Monday extended an open arm warm invitation to Indian companies to grab the opportunity and make ‘big investments' in Africa.
2. “Indian multinational companies, small and medium enterprises and individuals are already investing in Africa and the results are very encouraging.
3. Indeed, we would like to reiterate our warm invitation to all Indian business people to make huge investments in Africa and join our efforts geared to boost and diversify our economies, thus contributing to African development,” Mr. Baptista Ali said at the 7th CII-EXIM Bank conclave on India-Africa Project Partnership.
4. Mozambique is the partner country at the summit which is a follow-through for the India-Africa summit to be held in May in Ethopia and is likely to be attended by Prime Minister Manmohan Singh.
5. Togo, which has been accorded as the guest country status, is represented by its Prime Minister Gilbert Houngbo.
6. The Mozambican Prime Minister said the conclave was taking place at a moment characterised by growing instability and upheavals in the Middle East and increasing signs of economic and financial instability worldwide due to increase in oil and food prices.
7. “This represents a challenge and an opportunity for our countries. We need to devise innovative approaches to promote peace, stability, democracy and well-being to our citizens and nations,” he said.
8. Mr. Baptista Ali said India could tap opportunities arising from regional trade agreements in Africa, as well as preferential trade agreements signed with large Western economies.
9. He said both Africa and India were important players in the global economy.
10. While Africa was a resurgent economy with large strategic resources, India had the advantage of a vast market and an acknowledged record in innovative technologies.
11. “Africa is strongly committed to promote private sector initiatives and South-South cooperation as key engines of economic growth in order to eradicate poverty and promote development in our countries, India is a key partner in this process,” he said.
12. T.C.A. Ranganathan, Chairman and Managing Director of Exim Bank of India, said “Ever since this conclave started seven years ago, India-Africa trade has gone up seven-fold.”
13. He pointed out that six of the world's fastest growing countries were from Africa.
14. Confederation of Indian Industry (CII) President Hari Bhartia said both the regions needed to learn from each other.
15. “Technology and information sharing will play an increasing role in empowering people,” he said.