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Ficci-led business delegation to participate in India-Africa Day

NEW DELHI: Industry chamber Ficci Past President R V Kanoria is leading a 21-member business delegation to Morocco, a North African nation, to participate in the India-Africa Day to be celebrated on May 30, coinciding with Annual Meetings of the African Development Bank Group.

During the four-day visit starting today, the delegation would hold business-to-business meetings with their African counterparts to explore investment opportunities.

The delegation represents companies and banks like IL&FS, Jain Irrigation, KEC, WAPCOS Ltd and SBI.

The India-Africa Day, to be held in Moroccan city (Marrakech), will be celebrated for the first time aimed at strengthening the economic ties.

The theme would be 'India's sharing its experience in PPP model'. "By knowing about our best practices, 
Africa can also develop similar models in this regard," Kanoria said.

On the occasion, Economic Affairs Secretary 
Arvind Mayaram will deliver his address. Besides, the session will be co-chaired by Exim Bank Chairman and MD T C A Ranganathan and Kanoria.

Also, Ethiopian 
Minister of Finance and Economic Development Sufian Ahmed and Minister of Finance in Tanzania William Mgimwa are also expected to attend the session.

Talking about 
investments opportunities in Africa, Kanoria said, Africa is a resource-rich nation and has huge potential in sectors like coal, minerals, infrastructure, agriculture, pharmaceuticals and FMCG.

Till now, Indian investments in Africa is to the tune of USD 50 billion.

The 2013 Annual Meetings of the African Development Bank (AfDB) Group held between May 25 and May 31 in Morocco is focusing on challenges faced by the African continent in key areas such as climate change, infrastructure, private sector and governance.

Key decisions about the Bank Group are made at these meetings. Over 2,500 delegates are attending the Meetings. They include Finance Ministers, Central Bank Governors and CEOs from the AfDB's 78 member countries.

Themed "Africa's Structural Transformation", the Meetings will review AfDB's operations for the year 2012 and its 2013 development 
funding portfolio.