G20 Welcomes African Union as Permanent Member in New Delhi
New Delhi (India), September 22: The recently concluded G20 Summit held in New Delhi, India on September 8th and 9th, 2023, marked a historic moment in international diplomacy and economic cooperation. The Africa India Economic Foundation (AIEF) takes immense pride in welcoming the African Union’s permanent membership in the G20.
The G20 Summit, held under the theme ‘One Earth, One Family, One Future,’ concluded with several crucial outcomes, including significant memorandums. The confirmation of the African Union’s permanent membership in the G20 is not only significant but also momentous. It opens new doors for strategic integration, economic cooperation, and collaboration among all participating countries, including the 55 member states of the African Union.
AIEF is proud to be the first Indian entity to partner officially with the African Union. Following the African Union Summit declaration in 2020, AIEF became the first Indian private entity officially recognized by the African Union. An MoU formalizing the partnership between AU and AIEF was signed in March 2023, just months prior to the G20 Summit.
Presently, the AU’s inclusion in the G20 is expected to bring closer economic co-operation and collaboration between member countries, which will effectively boost public-private partnerships and foster the growth of Micro, Small, and Medium-sized Enterprises (MSMEs) across nations.
AIEF serves as an institutional mechanism and platform that brings together the private sector and MSMEs from both the African continent and India, with a focus on strengthening trade relations, investments, commerce, and manufacturing. With a special emphasis on supporting and developing MSMEs, AIEF’s global platform provides opportunities for connection, collaboration, cooperation, and access to intra-continental and inter-continental trade and business value chains.
Founded by India’s G. Rathinavelu and the Republic of Senegal’s Dr. Pierre Atepa Goudiaby, AIEF has played a pivotal role in fostering collaborations between Indian and African MSMEs and the public and private sectors. The founder members of AIEF were instrumental in the successful TEAM-9 initiative of 2004, where India extended a $500 million credit line to eight West African countries.
The newly welcomed membership of the African Union in the G20 further aligns with the objectives of the MoU signed between African Union and AIEF at the African Union Headquarters in Ethiopia’s Addis Ababa. This agreement focuses on forging alliances among MSMEs, private and public sectors of African countries, India, and other participating nations.
G. Rathinavelu, Chairman and Co-Founder of the Africa India Economic Foundation, commented on this unique opportunity: “The G20 Summit in New Delhi provided a platform for major international stakeholders, including the African Union, to unite for mutually beneficial goals. We are thrilled to have taken a step forward in cementing business ties between India and the African nations, contributing to the presence of African countries in the international commercial arena.”
Siddhartha Srivastava, Vice Chairman of the AIEF Governing Council, highlighted, “African Union’s Permanent Membership in the G20 summit is an extension of Prime Minister Shri Narendra Modi’s historic vision – The 10 Guiding Principles for India-Africa Engagement declared way back in 2018. For Indian and African Entrepreneurs, this is the right time to create the foundation for the future, and AIEF is committed to supporting them.”
As an organization with a history of excellence in forging critical partnerships worldwide, the Africa India Economic Foundation (AIEF) wholeheartedly celebrates the African Union’s permanent membership at the G20 Summit. This momentous step not only enhances economic ties but also underscores AIEF’s dedication to strengthening global cooperation, a commitment we are poised to continue promoting in the coming years.
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