Indian investors encouraged to invest in Africa’s pharma and healthcare sector: 12th CII-EXIM Bank C

Inaugurating the 12th CII-EXIM Bank Conclave on India Africa Project Partnership, Pranab Mukherjee, President, India, stressed that the India-Africa century has begun. Citing estimates that by the year 2050, the combined GDP of India and Africa would add up to $35 trillion while the combined population of the two regions would have surpassed 4 billion, he urged investors in India to accelerate this process.

As the 10th largest industrial economy in the world, India is playing a catalytic role in Africa’s industrial expansion and physical infrastructure development in certain sectors.

King Mswati-III of the Kingdom of Swaziland observed that Indian industry could play a key role in helping Africa’s manufacturing industries to move up the value chain, citing manufacturing, drugs and pharmaceuticals, and renewal energy as three vital sectors where Indian investors could make key contributions to Africa’s sustained progress.

Dr Ruhakana Rugunda, Prime Minister and Leader of Government Business, Republic of Uganda, also mentioned healthcare as a focus area, saying that Africa seeks India’s participation in areas like agriculture, agro-processing, ICT, infrastructure, tourism, healthcare and education. Dispelling any fears about security of life and property in Africa, Dr Rugunda said that Africa is ‘stable and secure.’ He added that Africa ensures security of investments and urged Indian investors to take advantage of the myriad business opportunities in the region.

Nirmala Sitharaman, Minister of Commerce and Industry, Government of India, cited renewable energy, drugs and pharma and healthcare as most promising areas for India-Africa partnerships, pointing out that India has emerged as a global hub for low-cost bulk drug manufacturing.