India and Africa are taking their rightful places in the emerging world order, said Anand Sharma, Minister of Commerce and Industry, Government of India. He said that the 21st century will be the century of India, Asia and Africa.

Sharma said the India-Africa partnership is distinct and different, exemplifying the spirit of South-South Cooperation. He urged the present generation to revisit the pages of history to remind itself of the greater goals that drive the India-Africa partnership. India has committed over USD 10 billion to Africa for infrastructural and development projects since the holding of the first and second India Africa Forum Summit meetings in 2008 and 2011, and is partnering in establishing 70 pan-African and regional institutions across Africa.

Sharma cited agriculture and food security, healthcare and life sciences, infrastructure, energy and energy security, mining, and SME development as the priority areas for India-Africa partnerships. He made a special mention of the Buyers Credit that was introduced by his ministry for supporting Indian companies' participation in African infrastructure projects.

Speaking about India's technological progress, Sharma said that India is now a global leader in frugal innovation and a major R&D hub for Fortune 500 companies.

Referring to India's key contributions to Africa’s healthcare sector, he said that India will stay committed to making available new generation life science products to Africa. India is also a world leader in the production of finished generics.

Rt Hon Motsoahae Thomas Thabane, Prime Minster of The Kingdom of Lesotho, said that India's development model is most appropriate to African economies. He cited education and training, science and technology, infrastructure development, and agriculture and food security as areas that offer immense scope for India-Africa partnerships.

Thabane said that while the concessional lines of credit extended by the Government of India to Africa have played a key role in Africa's development, there is a need for innovative ways to fully utilize the lines of credit to meet Africa's future development needs.

Thabane also said the lines of credit should be structured according to the development stage of each recipient country, and he urged India to increase the grant element and extend the repayment period.

Yaduvendra Mathur, chairman & managing director, Export-Import Bank of India, said, that India’s role in Africa's capacity building will increasingly focus on areas like agriculture, private sector development, infrastructure development and manufacturing growth.

Mathur said that about USD 5 billion worth of projects have been planned under the Buyers Credit that was introduced by the Ministry of Commerce & Industry, Government of India. He also said that EXIM Bank of India is in dialogue with the African Development Bank for the sharing of project development expertise.