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AIEF and African Union (AU) have Signed a Memorandum with India

Published on March 19, 2023

Current context: In a path-breaking development that would increase Indian business footprints in Africa, Africa India Economic Foundation (AIEF, an Institutional Mechanism established to integrate and develop close business links between the private sectors and MSME entities of India and Africa) and African Union (AU) have signed a Memorandum of Understanding (MOU) to collaborate on promoting business and trade relations between the MSMEs.

AIEF and African Union (AU) have Signed a Memorandum with India
  • The MOU was signed at the African Union Headquarters by G Rathinavelu, Chairman & Co-Founder of AIEF, and Ambassador Albert Muchanga, the Economic Development, Trade, Tourism, Industry and Minerals (ETTIM) Department, on behalf of the African Union.
  • This collaboration marks the first of its kind collaboration between a private organisation in India (AIEF) and the African Union.
  • The MoU seeks to bring together the business entities in India and Africa and leverage the expertise of both sides to promote investment, facilitate skill development and technology transfer, bring MSMEs together and boost private and public sector trade relations.
  • AIEF has shown the way forward for business entities of India and Africa to come together for mutually beneficial trade and investment, especially focused on SMEs which are the mainstay of our respective economies.
  • The Africa India Economic Foundation was founded by the Co-Founders Rathinavelu and Dr. Pierre Atepa Goudiaby of the Republic of Senegal and is registered in India. It was primarily established to integrate and promote knowledge and investments between MSMEs, private and public sectors of India and countries of Africa.
  • The Government of India signed the TEAM-9 MOU with the Foreign Ministers of selected Eight West African countries on March 1, 2004 and India’s then Prime Minister sanctioned a credit line of USD 500 million under the TEAM-9 initiative.

Question:

Q.1 Which country’s foundation has recently collaborated with India for MSME promotion?
a. Africa
b. America
c. Finland
d. Switzerland
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