The 4th India-Africa Entrepreneurship and Investment Summit convened for two days of intensive networking and knowledge sharing. Focused on cultivating an entrepreneurial spirit, the event brought together a distinguished assembly of thought leaders, innovators, and policymakers from across the globe.
The inaugural day held at the University of Mauritius laid the groundwork for robust discussions and interactive sessions, tackling the complexities and prospects of the India-Africa startup ecosystem. The Summit’s second day, held at the Intercontinental Hotel, Balaclava, commenced with a welcome address by Tomi Davies, Managing Director of the African Business Angels Network (ABAN). Davies underscored the Summit’s critical role in bridging the gap between India and Africa, emphasising its potential to shape the future of entrepreneurship and investment in both regions.
Historic Shifts and Emerging Trends
Sushil Jiwarajka, Chairman of Artheon Group of Companies, outlined the unprecedented global changes occurring in 2024, noting that 70% of the world’s population is set to go to the polls this year. He observed a marked shift in youth engagement, with younger generations increasingly demanding change and proper representation in governments. This shift is evident in recent political upheavals in the UK and the US, including attempted assassinations and health crises impacting leaders.
Jiwarajka also discussed the profound impact of artificial intelligence (AI), describing it as a transformative force that will define the future. He highlighted the dual nature of AI’s potential—its ability to solve longstanding problems and its risks if left unregulated. “We are approaching an era that will be characterised by pre- and post-AI,” he said. Jiwarajka stressed the need for responsible AI development to avoid existential risks and to harness its benefits for solving critical global issues.
Zoho’s Vision and Impact
Mr. Prem Anand Velumani, Associate Director of Zoho, headquartered in Chennai, India, shared insights into Zoho’s evolution and its impact on the software industry. Anand highlighted the company’s journey from its inception 28 years ago to its current global stature. He described Zoho’s commitment to decentralisation and local talent, challenging the notion that innovation is confined to tier-one cities. “We have 35 offices in tier-two and tier-three towns in India, where we employ and train local talent,” Anand said.
He detailed Zoho’s unique approach, which includes hiring students from rural areas and building a significant portion of its workforce from these regions. Anand praised Zoho’s financial prudence, noting that the company has remained bootstrapped and privately held while achieving substantial growth. With 15,000 employees, over 55 business applications, and a user base of 100 million, Zoho’s success underscores its dedication to customer-focused solutions and global expansion.
Economic Resilience and Development
Admassu Tadesse, President and Managing Director of the Trade and Development Bank provided a comprehensive overview of Africa’s economic evolution and resilience. Tadesse reflected on Africa’s progress since the turn of the millennium, noting that despite facing high interest rates, inflation, and fiscal deficits, the continent has demonstrated remarkable resilience and adaptability.
He highlighted the ongoing challenges and opportunities in Africa, including infrastructure development and trade facilitation. Tadesse pointed out significant advancements, such as the emergence of standard gauge railways across East Africa, which are enhancing regional connectivity and trade efficiency. He emphasised that Africa’s diverse resource endowments and arable land offer substantial investment opportunities, particularly in mining and agriculture.
Mauritius-India Economic Partnership
Ken Poonoosamy, CEO of the Economic Development Board Mauritius, discussed the strengthening economic ties between Mauritius, India, and Africa. Poonoosamy highlighted the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) signed with India in 2021, which has significantly boosted trade relations. He noted that India now accounts for approximately 10% of Mauritius’ total imports, with imports valued at USD 613.7 million in 2023, up from USD 599.6 million in 2022.
Poonoosamy forecasted continued growth in economic cooperation, emphasising Mauritius’ role as a key platform for investment structuring and economic connectivity. He cited recent developments, including the launch of RuPay and Unified Payments Interface Linkage and the Memorandum of Understanding between the International Financial Services Centres Authority (IFSCA) of India and the Financial Services Commission of Mauritius. These initiatives are expected to enhance bilateral economic ties and facilitate cross-border investments.
Commitment to Education and Human Capital
Former Minister of Railways, Civil Aviation and Commerce and Industry, Government of India, Shri. Suresh Prabhu addressed the significance of education in fostering development. “The Indian government’s generous scholarship programs provide a remarkable opportunity for students to pursue higher education. This is a crucial step towards emancipation, as human capital is the cornerstone of development. We applaud India’s commitment to supporting education in Africa. By investing in our youth, India is not only fostering goodwill but also building a stronger, more prosperous Africa. We encourage continued support in this area,” Prabhu stated.
India’s relationship with Africa extends far beyond trade, commerce, and investment. Sharing his perspective, Prabhu commented, “At its core is a profound respect for the African people and their rich history. We recognise that despite its immense heritage, Africa has not yet realized its full development potential. Given our strong historical ties, we consider it our duty to contribute to Africa’s progress. Our approach involves fostering business partnerships, empowering entrepreneurs, and strategically investing in Africa’s growth. We believe that Africans should be the primary beneficiaries of this collaboration. This philosophy underpins the commitment of the Indian government, people, businesses, and civil society to a strong and enduring partnership with Africa. We aspire to play a meaningful role in Africa’s development journey.”
Looking Ahead
The 4th India-Africa Entrepreneurship and Investment Summit highlighted the dynamic and evolving relationship between India and Africa. The discussions covered a wide range of topics, from technological innovations to economic strategies, underscoring the opportunities and challenges that lie ahead. The Summit served as a crucial platform for fostering collaboration, shaping future strategies, and driving mutual prosperity in the India-Africa economic corridor. As a testament to the Summit’s success, organisers announced the date for the 5th edition, scheduled for July 17 and 18, 2025.
