BRICS Summit 2023: Strengthening trade collaboration between India & Africa

India and Africa are looking to expand their trade ties in various sectors, ranging from technology to pharmaceuticals, thanks to the implementation of the African Continental Free Trade Agreement. Leading up to the 2023 BRICS Summit, the Confederation of Indian Industry brought together local companies and their African counterparts to explore investment opportunities. The event, attended by Keamogetswe Mosepele and Nandini Gupta, shed light on the potential for collaboration between the two regions. The gathering of 200 business leaders from the C.I.A. and India Business Forum in Senton over the weekend focused on the mutual benefits that India and Africa could derive from increased cooperation post-COVID-19. Discussions centered around leveraging the African continent as an alternative region for global supply chains and establishing manufacturing systems. The meeting highlighted the importance of leveraging political relations among BRICS members to enhance business links. The framework agreements within the BRICS process present vast opportunities for cooperation amongst member countries to tap into the dynamic African market. Secretary-General of the Africa Continental Free Trade Agreement, Mr. Wamkele Mene, emphasized the growth prospects stemming from the trade pact ratified by 47 countries. With a market size of 1.3 billion people and a combined GDP of 3.4 trillion USD, the AFCFTA offers significant potential despite the challenges of market fragmentation. The event also featured insights from Mr. Younis Hussen, the acting head of investment in South Africa's Department of Trade, Industry and Competition, who highlighted the energy sector as a key area for collaboration. The government's reforms in the energy space aim to address issues of energy poverty and leverage the continent's projected population growth of 1.5 billion by 2025. Universal access to energy presents a substantial business opportunity, aligning with Africa's agricultural potential. With India on track to become the world's third-largest economy, stronger trade connections with Africa position the continent as India's fourth-largest trading partner. As 20 African heads of state convene in Johannesburg, further opportunities arise to deepen this partnership. Gurish Chakarovsty, CEO of Ion Exchange Suffolk, addressed the pressing issue of water scarcity in South Africa and across the continent. The company, specializing in water and wastewater treatment technologies, has been instrumental in addressing water challenges in the region for over a decade. Chakarovsty emphasized the importance of water conservation and recycling to combat drought and water shortages. By leveraging cost-effective technologies, the company aims to expand its footprint beyond South Africa to tackle water-related challenges across Africa. As the global community grapples with climate change and water scarcity, initiatives like those championed by Ion Exchange Suffolk offer feasible solutions to ensure sustainable water management across the continent.