Landmark MOU signed between Africa India Economic Foundation and the African  Union

G. Rathinavelu, Chairman & Co-Founder of AIEF & H.E. Amb. Albert M. Muchanga, AUC Commissioner

New Delhi (India), March 22: In a path-breaking development, Africa India Economic  Foundation (AIEF) and African Union (AU) have signed a Memorandum of Understanding  (MOU) on 17th March 2023 to collaborate on promoting business and trade relations between the MSMEs, private and public sectors of African countries and India. The MOU  was signed at the African Union Headquarters in Addis Ababa, Ethiopia by Mr. G.  Rathinavelu, Chairman & Co-Founder of AIEF, and H E Amb. Albert M. Muchanga,  Commissioner for Economic Development, Trade, Tourism, Industry and Minerals (ETTIM)  Department, on behalf of the African Union. Representatives of the ETTIM Department of  the African Union Commission and the Co-founders and other founding members of AIEF  also attended the signing ceremony. 

This historic pact marks the first of its kind collaboration between a private organisation in  India (AIEF) and the African Union. AIEF was also the first private Indian business  organisation to be expressly recognised in the African Union Summit decisions in 2020. 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. This 

agreement fits in with the desire of Indian and African leadership to forge closer business  ties between the private sectors and contribute to the prosperity of Africa and India in their  march to realise the shared goals & objectives. 

On behalf of H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission,  H.E. Amb. Albert M. Muchanga, Commissioner for Economic Development, Trade, Tourism,  Industry and Minerals stressed the importance for partners to be innovative and quickly  develop a Joint Action Plan (JAP-AU/AIEF) and proceed with its implementation. He also  called on the partners to effectively involve the African private sector in all stages of the  implementation of this new partnership, 

In his remarks, Mr. G. Rathinavelu, Chairman & Co-Founder of AIEF indicated that the  organization is pleased to collaborate with the African Union to drive progress in all sectors  for empowering and transforming business relations between MSMEs of India and Africa.  This MOU is an important milestone in achieving our mission.” said the Co-Founders of  AIEF. 

As a reminder, the Africa India Economic Foundation was founded by the Co-Founders

Mr.  G. Rathinavelu of India and Dr. Pierre Atepa Goudiaby of the Republic of Senegal and  registered in India. It was primarily established to integrate and promote knowledge,  technology, industry, trade, commerce and investments between MSMEs, private and public  sectors of India and countries of Africa. The Co-Founders were also instrumental in acting as  a catalyst for establishing the successful TEAM-9 initiative of the Government of India in  2004. TEAM-9 was a pioneering initiative with eight West African countries where India  extended a credit line of USD 500 million for economic, infrastructural, and social sector  projects in these West African countries which was successfully utilized. 

For more information, please visit: https://www.aief.info/

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