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19/07/2022 04:02pm

India offers help to Africa for developing start-up ecosystem

image India offers help to Africa for developing start-up ecosystem

New Delhi, July 19 (KNN) While addressing the inauguration of India-Africa Growth Partnership conclave, jointly organised by the Confederation of Indian Industry (CII) and Exim Bank, Union Minister Piyush Goyal said that solar energy, infrastructure, military cooperation and startup ecosystem are four critical areas where India can be a valuable partner to African nations.

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Goyal highlighted that India has been successful in creating the world's third largest startup ecosystem with over 110 unicorns in the country. “I believe we can work together to co-create startup ecosystem in various African nations, “he added.

Africa is India’s 4th largest trading partner. The merchandise trade between India and African countries grew by 34 percent from USD 67 bn in 2019-20 to USD 89 bn in 2021-22.The trade between India and African countries has been balanced with exports of trade and services of about USD 40 billion and imports of USD 49 billion.

India also provides 27 less developed countries from Africa the benefit of duty free tariff preference.

Goyal further highlighted that solar power is one area where India and African nations can work together. Military exchanges in the Indian Ocean, defence trade, manufacturing in the defence sector are some of the fields where the engagement between India and African can be beneficial to both the countries.

The Department for Promotion of Industry and Internal Trade can play an important role in encouraging the African youth to come up with innovative solutions to meet the innovation needs of various African nations.

To further strengthen the bond between the two, India is willing to help African nations in areas of physical and digital infrastructure, whether it is information technology, setting up new infrastructure projects in the region, healthcare and helping them manufacture vaccines.  (KNN Bureau)

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