New Delhi, March 17: India need to enhance trade and business engagements with Africa, in order to enhance “south-south” cooperation, Adi Godrej, president of the Confederation of Indian Industry (CII), India’ s premier business chamber, said Sunday.
“Currently, south-south trade is largely determined by trade flows between the major south economies like India, China, Brazil, Mexico, Russia, Indonesia and Turkey. Moreover, this trade itself is not adequately diversified,” Godrej said while addressing the opening session of the 9th India-Africa Project Partnership conclave here. CII are co-hsots of the conclave along with Exim Bank.
Godrej said there was need to enhance and broaden trade basket among south countries.
“In promoting south-south trade, let us consider key steps to boost trade flows between a greater numbers of south economies, as well as broaden the south trade basket,” he said.
He said the south-south cooperation should be guided by the principles of “mutual benefit, respect for national sovereignty, national ownership and independence, equality, as well as non-conditionality and non-interference in domestic affairs.”
More than 900 delegates from 45 African countries are participating in the three-day conclave organised by the Confederation of Indian Industry (CII) in association with Exim Bank of India.
Addressing the event, Syamal Gupta, chairman, CII Africa Committee, said the partnership conclave has helped strengthen trade and investment relations between India and Africa.
“Participation of 45 African nations at the 9th such event validates the success and intentions of the journey that we started eight years ago,” Gupta said.