New Delhi, Nov 22 (ANI): Recalling Prime Minister Dr. Manmohan Singh's address made at the Second India-Africa Forum Summit earlier this year, External Affairs Minister S.M. Krishna asserted that the India-Africa Forum Summits have lent a contemporary dimension to the relations between the two nations and added that India is ready to share its experience with our African brothers and sisters.
Addressing a conference on "Indian Lines of Credit: An Instrument to Enhance India-Africa Partnership," here, Krishna said: "(Prime Minister Dr. Manmohan Singh, while addressing the Second India-Africa Forum Summit earlier this year, observed "India will work with Africa to realize its vast potential. We believe that a new vision is required for Africa's development and participation in global affairs). In this spirit, India is ready to share its experience with our African brothers and sisters."
Asserting that there are striking complementarities that exist between Africa's requirements and India's capabilities in many areas, Krishna said: "We are here today on a common platform to discuss how India and African countries can work together to achieve the goals of ensuring inclusive growth and sustainable development. We face similar challenges in transforming our economies for the well-being and prosperity of our people."
"I am confident that our partnership will continue to grow as we move forward on this path," he added.
Krishna further said there has been an increase in investments between the two sides.
"African economy expanded by 4.5 per cent in 2010. Indian economy expanded by around 8 per cent in the same period. India and Africa together comprise a market of 2.2 billion people with a combined GDP of 3 trillion US Dollars. Trade between India and Africa, which stood at 11.9 billion Dollars in 2005-06, increased to 53.3 billion US Dollars last year," said Krishna.
"All this, of course, is impressive but there is still vast potential for further growth. India is engaging with Africa at bilateral, regional as well as continental levels. The India-Africa Forum Summits have lent a contemporary dimension to our relations," he added.
Stating that the economic engagement is directed at meeting the socio-economic development aspirations of developing countries in the spirit of South-South cooperation, Krishna said : "This takes several forms, including Indian Technical and Economic Cooperation (ITEC) programmes, that are tailor-made to respond to the capacity-building needs of our partner countries. Several initiatives under our Focus Africa Programmes underline our political commitment to build mutually beneficial partnerships."
"Lines of Credit are an important instrument in this context and are the focus of this Conference. At the India-Africa Forum Summit in May this year, Prime Minister Dr. Manmohan Singh had announced five billion US Dollars over the next 3 years under lines of credit to help Africa achieve its development goals. These LOCs provide support at highly concessional terms to LDCs and Developing countries in the African continent," he added.
Krishna said it is of paramount importance that the two sides follow transparent and fair selection procedures based on competitive bidding for award of contracts and execution of them.
"We note a great deal of interest from our partners to cooperate in this framework. As we take our cooperation forward, it is of paramount importance that we follow transparent and fair selection procedures based on competitive bidding for award of contracts and execution of them. Such transparency will ensure best value for money and quality of delivery under the scheme," he added. (ANI)
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