The first-ever virtual Indo-Africa Summit, organized by IMC Chamber of Commerce and Industry (Indian Merchants’ Chamber) and Africa Business News (CNBC Africa), was held on November 4 to 6, 2020 which was addressed by Union Minister Piyush Vedprakash Goyal, Ministry of Commerce and Industry.
Aim: To bring leaders from India and sub-Saharan Africa together while showcasing opportunities for collaboration within finance, geopolitics, infrastructure, pharma, technology and communication.
Key People: Cabinet Secretary (Minister) for Sports, Heritage and Culture, Former Foreign Minister, Kenya, Dr. Amina Mohamed with some other important dignitaries attended the summit.
–India’s target is to enhance ties to 100*100 matrix by 2025, i.e. a target of USD 100 billion Bilateral Trade and USD 100 billion of Investment between India and Africa.
–The combined markets of India and Africa encompass 2.5 billion people and GDP of $5.5 trillion.
–The volume of trade between India and African countries grew from US$5.3 billion in 2001 to 70 billion in 2013.
–At the World Economic Forum in Delhi in 2014, the two sides reaffirmed their intention to reach a trading volume of US$500 billion by 2020.
–The African continental free trade came into force in 2019. Indian companies can benefit from setting up industry in Africa. As of June 2020, India had extended 121 lines of credit to 41 African countries to set up businesses there.
Recent Related News:
i.On October 6, 2020 Piyush Goyal, Union Minister of Railways inaugurated the renaming of 115 year old Naugarh railway station to Siddharthnagar railway station, located at Siddharthnagar district in Uttar Pradesh (UP), through a video link.
ii.On 6th October, 2020, Piyush Goyal released the results of the First Edition of National Startup Awards 2020 in a virtual ceremony.The First Ever National Startup Awards has been conceived by the Department for Promotion of Industry and Internal Trade (DPIIT).
About IMC Chamber of Commerce & Industry:
President– Rajiv Podar
Director General– Ajit Mangrulkar
Headquarter– Mumbai, Maharashtra