India and Africa have set a target to take two-way commerce to $70 billion by 2015 on the back of increasing economic engagement between the two sides.
Currently, bilateral trade between India and Africa stands at about $45 billion.
Speaking during the official opening of the 7th india-africa conclave in new Delhi under the theme “creating possibilities, delivering value”, india’s Commerce and Industry Minister Anand Sharma said the two continent have set fro themselves a target of $70 billion by 2015.
He said huge potential is available for businessmen of both India and Africa.
And mr Shri Sharma assured that “India will not allow a situation were people die when live saving medicines could be availed to the poor people at a cheaper price.
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 US $ 11000 to less than US $ 400. However, he stressed that this was not without threat stating that the Legal battles had to be fought and won due to stranglehold of MNC cartel which was denying the availability of these drugs to people in poor countries.
Speaking about the challenges being faced by Africa and India, The Minister highlighted food and energy security in the backdrop of fragile global recovery from the financial crisis and unrest in Africa and West Asia.
Speaking about the challenges being faced by Africa and India, The Minister highlighted food and energy security in the backdrop of fragile global recovery from the financial crisis and unrest in Africa and West Asia.
He pointed out the need for sustained efforts in the direction of food security as the food inventories across the world have reached dangerous level.
In the presence of the minister, 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.
and Speaking on the occasion, Mozambique Prime Minister Aires Bonifacio Ali invited Indian businesses to invest in Africa.
he said Indian multinational companies, small and medium enterprises and individuals are already investing in Africa, and that the results are encouraging.
In the presence of the minister, 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.
and Speaking on the occasion, Mozambique Prime Minister Aires Bonifacio Ali invited Indian businesses to invest in Africa.
he said Indian multinational companies, small and medium enterprises and individuals are already investing in Africa, and that the results are encouraging.
Mr Alli further reiterated the call to all Indian business people to make huge investments in Africa and join in Africa’s efforts geared to boost and diversify the economies, thus contributing to African development.
Over 650 participants from more than 36 African nations, including the Prime Ministers of Mozambique and Togo, the Deputy Prime Minister of Somalia and ministers from over 19 African countries, are taking part in the conclave.
Zambia is been presented by a delegation lead by mr glyen michelo a director at the Zambia development agency.
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