Gandhinagar: Shri Arun Jaitley Union Minister of Finance, Corporate Affairs and Defence today addressed the session on Africa India cooperation ‘Partnerships to Industrialise and move Africa up the Value Chains”. The session was organised as a part of the ongoing Annual Meetings of the African Development Bank (AfDB) Group at Mahatma Mandir, Gandhinagar. Shri Jaitley expressed that both Africa and India have similar demographics and share similar challenges for socio-economic growth. Endorsing the High 5 strategy adopted by AfDB to spur sustainable economic development and social progress, Shri Jaitley said that India has similar policy priorities as well.

Shri Jaitely further added that India today is emerging as a big investor and a India – Africa’s partnership provides substantial opportunities. Together, India and Africa can shape the future of the world. Today, the engagement with African countries is at a scale never witnessed before. India-Africa cooperation should be wide ranging, we face many similar challenges. India and Africa can learn a lot from each other’s experience. India today is one of the top 5 investors in Africa.

This key session was also addressed by the Vice President of AfDB Mr. Charles Boamah; Mr. Daniel K Duncan, Vice President of the Republic of Ivory Coast; Mr. Shaktikanta Das Secretary Finance, Government of India; Mr. Chandrajit Banerjee Director General of Confederation of Indian Industry (CII), Mr Rakesh Bharti Mittal Vice-Chairman of Bharti Enterprises and. Mr. David Paul Rasquinha has been Managing Director of Export-Import Bank of India.

Expressing his gratitude Mr. Charles Bohama, Vice President of AfDB thanked India for believing in Africa and speaking about Gujarat he said that Gujarat’s economy is diversified, agriculture is prosperous and modern, and the state has some of the best medical centres.

Mr Bohama further added that African economy is expected to grow at a rate of 3.5% in this economic year. Though there are many challenges but the strategy in the High 5 areas as identified by AfDB when completely implemented will achieve 95% of sustainable development goals across Africa.

The main agenda of the session was to deliberate upon ideas to spur sustainable economic development and social progress in African countries with the ultimate aim to reduce poverty. The High 5 Strategy of The AfDB focus on the following five priority areas Light Up and Power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and Improve the quality of life for the people of Africa.

The session was organised in conjunction with the ongoing Annual Meetings of the African Development Bank (AfDB) Group being held at Mahatama Mandir, Gandhinagar, from 22 to 25 May, 2017. The Session was organised under the aegis of Ministry of Finance by Confederation of Indian Industry (CII) in close cooperation with EXIM Bank of India and African Development Bank (AfDB).

Sixteenth Edition of African Economic Outlook Launched on Day 1 of AfDB Annual Meeting 2017

Gandhinagar: The first day of the 2017 Annual Meetings of the African Development Bank witnessed the unveiling of the book titled ‘Beating the odds: Jump Starting Developing Countries’ co-authored by Professor Justin Yifu Lin, former Chief Economist at the World Bank, and Célestin Monga, Chief Economist at the African Development Bank.

Professor Yifu and Mr Monga have covered strategies in the book that can help underdeveloped and developing countries ignite economic growth , irrespective of aide from without waiting for global action and by creation of ideal local condition.

Giving example of Hon’ble Prime Minister Shri Narendra Modi, Lyn said that Modi adopted practical approach to create the model of Gujarat development.

He said: “When Narendra Modi was the Chief Minister of Gujarat he adopted pragmatic strategy with respect to infrastructure, resource mobilization and industrialization. And by doing that he achieved 10 percent of growth rate for the state consecutively for 14 years.

Similarly if Africa can also grow dynamically if it adopts the same approach,” stressed Lyn.

The co-author of the book Célestin Monga emphasized that the book would contribute to the history of Africa’s development. He also added that Africa has huge potential for growth.

“Growth always starts from very poor environment. Africa may have poor business environment, but it doesn’t mean that it cannot achieve growth rate of 10 percent per anum. It certainly means that there is a huge potential for growth there. Therefore, we need to formulate ideas for growth in the region,” he said.

The book proposes a development strategy that encourages poor countries to leap directly into the global economy by building industrial parks and export-processing zones linked to global markets.

Book ‘Beating the odds: Jump-Starting Developing Countries’ Launched at Annual Meeting of AfDB

Gandhinagar: The first day of the 2017 Annual Meetings of the African Development Bank witnessed the unveiling of the book titled ‘Beating the odds: Jump Starting Developing Countries’ co-authored by Professor Justin Yifu Lin, former Chief Economist at the World Bank, and Mr Célestin Monga, Chief Economist at the African Development Bank.

Professor Lin and Mr Monga have covered strategies in the book that can help underdeveloped and developing countries ignite economic growth, and leap directly into the global economy by building industrial parks and export-processing zones linked to global markets.

Praising Prime Minister Shri Narendra Modi for his practical approach in building the acclaimed Gujarat model, Mr Lyn said that as the Chief Minister of Gujarat Shri Modi adopted a pragmatic strategy with respect to developing infrastructure, initiating resource mobilization and promoting industrialization. Shri Modi was successful in achieving 10 per cent growth rate for the state consecutively for 14 years, he remarked.

Mr Lyn said that Africa could emulate the same approach and achieve growth for the continent. The co-author of the book Célestin Monga emphasized that the book would contribute to the history of Africa’s development. He also added that Africa has huge potential for growth.

Africa has a huge potential for growth and it can achieve a growth rate of 10 percent per annum. Therefore, we need to formulate ideas for growth in the region, he said.

DeshGujarat