Sun, 10 Dec 2023

SRV Media

New Delhi [India], September 14: At the widely celebrated New Delhi-based G20 Summit, powered by the Presidency of India, the prestigious trade and strategic business alliance organization AIEF (Africa India Economic Foundation) granted its coveted permanent membership to the African Union (AU), which is the renowned intergovernmental body consisting of around 55 African countries.

This new development among the trade organization and the Africa-wide government collective is a bold step forward in empowering the pan-African voices as well as that of the Global South in the context of a grand international meet such as the G20. Moreover, the granting of membership denotes a major initiative in bolstering the economic ties between all the countries and stakeholders involved. To elaborate on the importance of the partnership it suffices to say that it is the first collaboration of its kind between an Indian private body and the African Union. In addition, it is worth noting that following the African Union Summit declaration in 2020, AIEF also became the first Indian private entity to be recognized by the AU.

Further, the AIEF's momentous decision to grant the African Union its well-regarded membership is preceded by an MoU signed between the organization in March 2023, a few months prior to the G20 Summit. The newly granted membership would further the objectives of the MoU signed at the African Union Headquarters in Ethiopia's Addis Ababa, which was about forging alliances between the MSMEs, private and public sectors of the African countries, India, and other participating countries.

Elaborating further on the Council's decision, G. Rathinavelu, Chairman and Co-Founder of the Africa India Economic Foundation, said, "The G20 Summit in New Delhi presents a unique opportunity to both India and the world to truly reunite towards working together for mutually beneficial goals. One of the unique objectives of the international meet was to bring together major international stakeholders, such as the members of the African Union, on the same stage shared by the leading economic superpowers of the world. At this opportune moment for international business, we are thrilled to have taken a step forward in cementing business ties between India and the African nations, thereby contributing to the national diplomatic goal of amplifying the presence of African countries in the international commercial arena. In fact, with the membership granted, we have yet again fulfilled the founding objective of AIEF, i.e., synergizing knowledge, trade, technology, and investment between the public and private sectors and MSMEs of India and the AU."

Shedding light on the membership conferment, Siddhartha Srivastava Vice Chairman of the AIEF Governing council said, "Africa India Economic Foundation (AIEF ) is an institutional mechanism that would initiate and enhance the public, private sectors and MSME's trade and commercial development worth billions of dollars between India and the countries of the AU."

The Africa India Economic Foundation (AIEF), was founded by India's G.Rathinavelu and the Republic of Senegal's Dr. Pierre Atepa Goudiaby towards promoting collaborations between Indian and African MSMEs and public and private sectors. The organization played a key role in the successful TEAM-9 initiative of 2004, where India extended a $500 million credit line to eight West African countries. Also, over the years AIEF has facilitated technological and commercial partnerships, hosted events, and offered training programs while being instrumental in strengthening ties between India and West African nations.

In other words, in keeping with its track record of excellence in mediating crucial partnerships the Africa India Economic Foundation (AIEF) has made history by granting the African Union permanent membership at the G20 Summit. This significant step is set to not only enhance economic ties but also underscore AIEF's dedication to strengthening global cooperation, which the organization remains poised to continue promoting in the coming years as well.

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(Disclaimer: The above press release has been provided by SRV Media. ANI will not be responsible in any way for the content of the same)

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