With a view to advancing the memorandum of understanding signed in 1997 for economic cooperation with SADC, the Community of East African States, the institution’s secretariat proceeded, on July 2, 2024, to sign a memorandum of understanding on economic cooperation between SADC and the Indian government. Industrialization, human and social development, trade and investment, disaster risk management, green growth and green infrastructure development are some of the areas of focus of the agreement.
With a view to increasing economic growth and diversifying the economy of the Southern African region, Elias Mpedi Magosi, Executive Secretary of SADC, and Bharath Kumar Kuthati, High Commissioner of the Republic of India to Botswana and India’s Special Representative to SADC, have signed a Memorandum of Understanding on economic cooperation between the Southern African Development Community and the Government of India. The memorandum of understanding, which reinforces the one signed on October 14, 1997, is expected to help boost the region’s economic potential and development. The signing took place on the sidelines of the annual meetings of the African Development Bank Group from May 27 to 31, 2024 in Nairobi, Kenya.
“I can feel the dynamism of this country and this region. I also feel the hope and the optimism and also the impatience of the continent to convert the immense potential of the region into opportunities as we heard président William Ruto say in his address at the Afdb proceedings.”
Namgya C. Khampa, High commissioner in Kenya – India
The signing of this memorandum of understanding should enable Africa to reap the benefits of its rich energy, agricultural and mining potential, in which India is a specialist. While Southern Africa imports petroleum products, pharmaceuticals, automobiles and equipment from India, it exports to India mainly petroleum, which accounts for 52% of its total exports, but above all precious stones, including gold, coal and other minerals.
“Another key sector is green industrialisation focusing on harnessing the potential that Africa has on critical minerals. And we know the importance of those minerals for electric vehicles and also for renewable energy batteries.”
Solomon Quaynor, VP private sector, infrastructure and industrialisation, Afdb group
India is an important and strategic industrial and commercial partner for African countries. Today, India is one of the top five investors in Africa, with around 74 billion US dollars invested. The Confederation of
“We are all aware of the significant renewable energy potential across Africa, in key technology such as solar, wind hydro, geothermal, this is an opportunity to provide clean electricity to millions of people in Africa, while contributing to the global mitigation efforts.”
Solomon Quaynor, VP private sector, infrastructure and industrialisation, Afdb group
According to the outlook, SADC’s economic growth, which has slowed due to multiple challenges including civil unrest, the electricity crisis and natural disasters, should reach 2.7% in 2024, compared with 1.6% in 2023.
