'India's cost effective technology useful for Africa'

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SME Times News Bureau | 25 May, 2017
India and Africa can have a sustainable partnership with India's cost effective technology solutions proving useful for the latter that can help it in its development, Economic Affairs Secretary Shaktikanta Das said on Wednesday.

"Indian economy is cost conscious. Any solution we provide to African countries will be cost effective," Das said here at a session organised during the five-day African Development Bank Group (AfDB) annual meeting in Gandhinagar.

Das was speaking at the Federation of Indian Chambers of Commerce and Industry (Ficci)-Exim Bank session on India Africa Development Cooperation.

"Lots of success stories of Line of Credit in Africa. India's cost effective technology and solutions would be very useful in partnering," he said.

The Economic Affairs Secretary said there was a need to create bankable and viable projects in Africa and Exim Bank was working closely with Africa in this regard.

The Ministry of Finance and Exim Bank has had meeting with representatives of several African countries and AfDB in the last couple of days and are exploring how India's support in Africa's development process can be scaled up, Das said.

Minister of State for Finance Santosh Kumar Gangwar, who participated in another session on agricultural cooperation between the two countries at the AfDB annual meeting, on Wednesday said India was extending all cooperation to African countries in their agricultural advancements.

"India is extending all cooperation to accelerate Africa's progress in agriculture towards 'Becoming food bowl of the world'," Gangwar said here.

"As the climate shifts, fertile land shrinks under population pressure, there is a greater need for innovative ways to produce food," he added.