The African leaders are concerned over the growing instability and upheavals in North Africa and increasing signs of economic and financial instability worldwide due to the increase in prices for food and fuel.

The Exim Bank of India signed a $20 million line of credit (LOC) agreement with Mozambique and another $36 million LOC with Tanzania.

Inaugurating the ‘7th CII-EXIM Bank Conclave on India-Africa Project Partnership “Creating Possibilities: Delivering Value”, organized jointly by Confederation of Indian Industry (CII) and Exim Bank with the support of the Indian government in New Delhi on Monday, the Union Minister for Commerce and Industry, Anand Sharma said that India-Africa relationship and economic cooperation would be a defining element of the 21st century.

More than 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.

Sharma said that education, food security, healthcare, poverty alleviation and enhancement of industrial growth in harmony with nature would be the key challenges facing India and African nations. He emphasized that both India and Africa were lagging behind in terms of attaining their UN Millennium Development Goals (MDGs) and that in spite of spectacular growth rates, large number of people on both sides of the ocean still died of tuberculosis and malaria. “For development to be correct, it has to be sustainable. It can’t be sustainable if it is not inclusive,” he said.

He lauded the contribution of Indian pharmaceutical companies in making anti-AIDS treatment affordable for a large number of African people. “The retroviral treatment which used to cost $11,000 per patient has today come down to $400. It highlights the strength of India,” he said.

Sharma openly alleged that Western pharmaceutical companies were again launching a legal and diplomatic battle to up the prices of life-saving treatment. “India will not allow a situation where life-saving drugs are out of reach of ordinary people,” he said and added that India ’s technology and innovation prowess was rated as triple A (AAA) and it would continue to supply innovative, adaptable, affordable life-saving technologies to Africa. He quoted Mahatma Gandhi: “ India and Africa will work together to create a better world for the future generations.”

“While the current volume of India-Africa trade stands at $45 billion, we have set a target of $70 billion for 2015. I am confident we will achieve that,” he added.

The Prime Minister of Mozambique, Aires Bonifacio Ali in his keynote address said, “We need to devise innovative approaches to promote peace, stability, democracy and well being to our citizens.”

Speaking of the realities of the world, he said that while the 6th Conclave was held in the shadows of the global economic meltdown, the “7th Conclave takes place at a moment characterized by growing instability and upheavals in the Middle East and increasing signs of economic and financial instability worldwide due to the increase of oil and food prices.”

Highlighting the strengths of Africa and India, he said: “Africa is an emerging continent with huge strategic natural resources such as arable land, minerals, oil, gas, young and dynamic population. India is an emerging economy with a vast market and successful promotion of innovative technological solutions for developing countries.”

The Chairman and Managing Director of Exim Bank of India, TCA. Ranganathan said, “Ever since this Conclave started, in the last seven years, India-Africa trade has gone up seven-fold.” He also pointed out that six of the world’s fastest growing countries were from Africa.

The CII President Hari Bhartia said, “Both our regions have the same problems. We need to learn from each other. Technology and information sharing will play an increasing role in empowering people.” He also pointed out that sustainable enterprise ensured sustainable livelihoods. He added, “Indian entrepreneurs have created products for the bottom of the pyramid. There are more than 700 million people with mobile phones today.”

A CII publication titled “India Inc Imprint: Skill, Training & CSR in Africa ” was released on the occasion by Indian Minister for Commerce and Industry, Anand Sharma.

Meaningful economic cooperation between India and African nations is a key to addressing problems plaguing their people and to ensure sustainable growth in the face of global financial crisis and political instability in the Middle East and North Africa . This was the overriding sentiment that came out of the opening session.