Africa a top priority, will always stand shoulder to shoulder: Modi

Narendra Modi will be in Berlin in the afternoon of May 29 and will have a bilateral dinner meeting with Chancellor Angela Merkel

Narendra Modi will be in Berlin in the afternoon of May 29 and will have a bilateral dinner meeting with Chancellor Angela Merkel

Finance Minister Arun Jaitley, who was also present on the occasion, said: "The 21st century will not only belong to Asia but also to Africa, hence India and Africa should navigate the journey together to shape their common future".

The release observed that industrialisation strategies were need to support other sectors where African economies had comparative advantage, such as agri-businesses, tradable services and renewable energy.

Entitled "Entrepreneurship and Industrialization", the document urges African governments to rely more on entrepreneurs from the continent in a bid to achieve the industrialization of their economies. India's commodity trade with Africa in 2015-16 was higher than its commodity trade with the United States of America.

Other panelists included David Rasquinha, Managing Director, Export-Import Bank of India; Sfiso Buthelezi, Deputy Minister, Ministry of Finance, Republic of South Africa; Abdoulaye Fall, Vice-President, Operations, ECOWAS Bank for Investment and Development.

An outlook report yesterday cited increased rainfall to enhance agricultural production, continued stability of the shilling and low worldwide oil prices as key factors that will support a 6.1 per cent growth projection in 2017.

It is assumed that as commodity prices recover, the world economy will be strengthened and domestic macro-economic reforms entrenched.

There are promising developments across the continent.

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In a similar topic, Ghanaian Rapper trigmatic has revealed that he will be launching a campaign titled "Grow Ghana Eat Ghana", in an attempt to encourage Ghanaian youths to go into the agriculture business.

"... But these efforts will only succeed if Africa improves access to electricity. Along with an increase in urbanisation and growth of the middle class, the spending power of the people has also increased, thus making Africa more vibrant", he said.

Foreign direct Investment inflows to India from Africa has been dominated by investment from Mauritius with 33.2% of India's overall FDI inflow.

Prime Minister Narendra Modi on Tuesday said that Africa was a top priority for his government's foreign and economic policy and pitched for an Asia-Africa Growth Corridor with the support of Japan.

The AfDB has provided a roadmap to the growth of agriculture in African countries with a plan to inject about $2.4 billion every year for 10 years to build roads, irrigation infrastructure and storage facilities within Africa to attract high-value investors.

With the size of the workforce likely to increase by 910-million between 2010 and 2050, creating more and better jobs will remain the core challenge for African policy-makers.

It said that in Eritrea "low land productivity is a key factor in stunting", while in Madagascar "the driving force of stunting is a lack of money" and in Rwanda the main issue was mothers' "lack of education on feeding and weaning".

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