12th CII-Exim Bank Conclave on India-Africa Project.
The 12th CII-EXIM Bank Conclave on India-Africa project took place on the 10th of March 2017. The conference opening ceremony was graced by His Majesty King Mswati III and the president of India Shri Pranab Mukherjee the previous day. The discussion was themed: “Reinforcing India’s development cooperation with Africa.” It sought to find ways of how India could play a key role in Africa’s economic development. The Minister of Foreign Affairs and International Cooperation in Swaziland noted how annual trade between India and Africa had grown fromUS$1 billion in 1995 to US$75 billion in 2015, making India the third largest trading partner of Africa. “This was made possible owing to the dismantling of trade barriers, both tariff and non-tariff, by Africa and India.
The private sector in both regions has played a critical role through trade promotions,” he said. The Minister said another vehicle for greater trade and cooperation was through utilising the line of credit (LOC) offered by the Exim Bank of India. The Exim Bank has extended a line of credit of over US457 million to Swaziland which has gone into agricultural development and the purchase of tractors and ploughing equipment (US$37.9 million) and the construction of science and technology parks (US$29 million).