An annual meeting of the African Development Bank (AfDB) was held recently in Gandhinagar, Gujarat where he released a vision document on the Asia Africa Growth Corridor
Aim –The AAGC is a roadmap for opportunities and aspirations in Asia and Africa.
- The idea of AAGC had emerged in the Joint Declaration issued by Prime Minister Mr. Narendra Modi and his Japanese counterpart Shinzo Abe in November 2016.
Key Areas of interest-
- Health and pharmaceuticals
- Agriculture and agro processing
- Disaster management
- Skill enhancement
- China’s OBOR and AAGC are qualitatively different.
- India is willing to assist Africa as per its priorities and requirements whereas China is more self-centered approach.
- If Africa looks towards US or Europe for these things, it is very expensive. So, India and Japan are the best in terms of compatibility of interest for Africa
- China has huge reserves built by trade surplus over the years which has to be balanced globally.
Some of the expected outcomes are as follows:
- Effective mobilization of financial resources
- Alignment with socio-economic development and development strategies of partner countries and regions;
- Application of high-quality standards in terms of compliance with international standards established to mitigate environmental and social impact
- Providing quality infrastructure and taking into account various aspects of economic efficiency and durability, inclusiveness, safety and disaster-resilience, sustainability as well as convenience and amenities
- Contribution to the local society and economy.
China is rapidly expanding itself in Africa therefore, India and Japan do not have luxury of time. They both should immediately initiate a few joint pilot projects involving the companies of India, Japan and a few African countries in identified areas like health care, agriculture and blue economy.