Collective clout of BRICS can amplify India and Africa's development initiatives: CII-IBF (SA) President

The collective clout of the BRICS nations can amplify the development initiatives undertaken by India and Africa, ensuring a broader and more inclusive transformation, a prominent business leader said on Saturday.

The remarks by Praveer Tripathi, the President of the CII India Business Forum (IBF) in South Africa, came as he addressed business leaders and diplomats representing countries across Africa and South America at a gathering hosted by IBF on the periphery of the BRICS Summit starting here on Wednesday.

The theme of the seminar was ''Harnessing Synergies: India-Africa Cooperation for Prosperity in the BRICS – African Continental Free Trade Area Secretariat (AfCFTA) Landscape.'' "The BRICS nations – Brazil, Russia, India, China, and South Africa – united by their common pursuit of economic growth, innovation, and sustainable development, form a critical bloc that plays an influential role in shaping the international order.

"Simultaneously, the AfCFTA, a groundbreaking initiative that seeks to create a single market for goods and services across the African continent, presents an unparalleled opportunity for intra-African trade and socioeconomic transformation. The convergence of these two monumental forces, the BRICS and AfCFTA, sets the stage for unparalleled possibilities," Tripathi said. The collective clout of the BRICS nations can amplify the development initiatives undertaken by India and Africa, he said.

He said that India, as a vibrant member of BRICS, and Africa, through its AfCFTA commitment, are poised to embark on a journey of cooperation that holds the promise of mutual upliftment.

"India's rich history of partnership with African nations, spanning trade, investment, and capacity building, lays a robust foundation for deeper collaboration. Moreover, the synergies between these regions can unlock new avenues for technological innovation, trade diversification, and enhanced connectivity," Tripathi said.

He said that South Africa, which is hosting the 15th edition of the Brics Summit, stood at a strategic juncture as a member of both BRICS and the African continent.

"The harmonisation of synergies between India and Africa presents South Africa with a unique opportunity to be a pivotal catalyst in this transformative process," he said.

Tripathi highlighted a number of sectors in which India's expertise could assist the nations of Africa.

"The technological prowess of India can augment Africa's efforts to bridge the digital divide, facilitating access to education, healthcare, and financial services. ''Collaborative research and innovation can lead to sustainable solutions for common challenges, from climate change to healthcare accessibility, benefitting both regions Furthermore, the alignment of India-Africa cooperation with the BRICS platform magnifies the impact of these synergies,'' he said.

Giving examples of existing Indian companies in South Africa, Tripathi said the pharmaceutical Industry of India provided "a lion's share" of retrovirals and tuberculosis medicines to South Africa, besides providing cheaper generics options to South Africans.

"Indian FDI's into South Africa tell a story of diverse sector investment. When we take into account the African continent, the story gets bigger and better. Between 2003 to 2018, Indian FDI's into Africa invested 54 billion dollars, creating close to 100 000 jobs in the continent, spanning 363 projects," he said.

Tripathi said the theme of ''Harnessing Synergies: India-Africa Cooperation for Prosperity in the BRICS – AfCFTA Landscape'' embodied a vision of shared growth, innovation, and collaboration.

"Through strategic partnerships, inclusive policies, and a collective drive, we have the power to forge a path towards prosperity that knows no bounds.," he concluded.

The IBF represents 63 Indian corporations, mostly based or headquartered in the economic hub of Gauteng province in South Africa.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)