By
Vishal Bhidu
The third edition of the India-Africa Entrepreneurship Forum (IAEF), in collaboration with the Economic Development Board of Mauritius (EDB) spanning over two days on July 20 and 21 was held at Le Meridien Hotel Pointe aux Piments with a bevy of delegates hailing from India and Africa.
Discussions took place on several themes such as the Future of Electronic Payments and Digital Currency, Facilitating Global Capital into India and Africa-the role of the MIFC, Trade Agreements, and Market Access culminating with an address of Economist, former Vice chairman of Niti Aayog Dr Rajiv Kumar and Artist as an entrepreneur-Singer and MediaTech entrepreneur Derrick Ashong. The event also saw the participation of President of the African Business Angel Network, Mr Tomi Davies; the Chairman of the India – Africa Summit, Mr Yaduvendra Mathur with the participation of venture capitalists, angel investors and prominent entrepreneurs.
The IAEF forum comes at a time when the Sachs report has forecasted that India is poised to grow into the second-largest global economy by 2075 with a GDP of $52.2 trillion, surpassing those of the US, Germany, and Japan.
As remarked by the Indian High Commissioner Her Excellency Shrimati Nandini Singla in her address on the role that India would play in leveraging towards Africa’s growth, “Africa has always occupied a central place in India’s policy where we have always fought and championed the cause of the continent. As the chair of G-20, India’s Prime Minister Shri Narendra Modi requested for the African Union to join as a permanent member to make it G 21 while already African countries such as Mauritius, Egypt, and Nigeria are special invitees.”
The ambassador spoke on the role of India as ‘a friend in need is a friend indeed’ for the continent where it has been the port of first call for many African countries throughout the decade. Recent examples are cyclone Idai in Mozambique, the Wakashio crisis in Mauritius, floods in Madagascar, and during COVID, administering 42 million doses of Made in India vaccine to 42 African countries with India being the only country to do so.
The ambassador stressed on, “India is today the world’s largest fifth economy and is keen on deepening further development partnership with Africa while being among the top five investors on the continent. India also provides duty-free access to more than 98 percent of its tariff lines to 33 African countries.”
Head of State His Excellency Prithvirajsing Roopun has called on the need for Mauritius businesses to serve as trusted partners for Indian enterprises while enabling them to navigate the African business landscape to set up a strong foothold on the continent.
He told: “Mauritius has an active role to play in enhancing and fostering diplomatic cum economic cooperation with both India and Africa as a strategic bridge connecting both while paving the way for greater investment and trade ventures.
On the other hand, Chief Executive Officer of the EDB, Mr Ken Poonoosamy spoke about the robust underlying bond between India and Mauritius, dating since a long time back, the strong ancestral lineage, bilateral and economic relationship support where India has not only provided unwavering support to several projects and at the same time cemented the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) designed to enhance economic cooperation and vibration.
He further pursued: “The African Continental Free Trade Area provides ample opportunities for Mauritius and several Indian firms extending beyond the borders of Africa, in opening the doors for a unified continental market. In this symphony of trade and collaboration, India’s engagement with Africa has crossed boundaries in creating a tapestry of shared prosperity.”
The brain behind the successful event boasting more than 150 participants, entrepreneur and Investment Advisor, Launch Africa Baljinder Sharma expressed satisfaction as the forum was ongoing and nearing the end.
Speaking to Platform Africa, he shared: “The feedback has been extremely positive. I am happy. The sponsors are happy. We were fortunate enough to get such a distinguished set of panelists where it has been wonderful and I thank everyone for their collaboration with several volunteers coupled with the EDB that has been very generous and supportive.”
He added: The session on Day One with the MRIC has revealed areas where we could have easy wins, the sectors and certain opportunities that can be immediately worked and offer us satisfaction, hope, and work for the future to tap into growth.”
