New Delhi, March 17: India needs to enhance trade and business with Africa to enhance “South-South” cooperation, Confederation of Indian Industry (CII) president Adi Godrej said here Sunday.
“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 Ninth India-Africa Project Partnership conclave here.
“In promoting SouthSouth 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 ninth such event validates the success and intentions of the journey that we started eight years ago,” Gupta said.