Collaborative efforts between India and Africa can create 3 million entrepreneurs and provide 35 million jobs in both regions by 2020
By 2020, over three million new entrepreneurs can be created by effective collaboration between Africa and India. These three million entrepreneurs, in turn, will help over 30 to 35 million people gain direct and indirect employment, generating close to $50 billion in additional economic benefits in India and Africa.
In order to increase sustainable global economic growth it is important to create a more empowering ecosystem for entrepreneurs. This was discussed under the three million new entrepreneurs to accelerate wealth creation debate.
Most jobs are expected to be created in the area of e-commerce, modern retail, textiles, education, healthcare, FMCG, manufacturing and pharmaceutical. This cross-collaboration between the two regions is also believed to accelerate knowledge sharing and capacity development
Ashish J. Thakkar, Chairman, United Nations Foundation - Global Entrepreneurs Council (UNF-GEC) and Founder Mara Group and Mara Foundation says that greater engagement and collaboration between emerging countries, especially Africa and India, can accelerate jobs and create new opportunities over the next five years.
The pro-job policy as mandated by Indian Prime Minister Narendra Modi is believed to add over 50 million jobs by 2020. In Africa, over 70 million jobs are expected to be created in the same time period. This increased focus on entrepreneurship can help create wealth in these regions by adding close to $500 billion in the next five years.
Ashish adds that this collaboration will help in doing away with poverty. He sees a more central collaboration between innovators and entrepreneurs along with the governments for sustainable solutions.
He believes that this partnership now needs to move from a government-to-government level to a people-to-people level to encourage greater innovation and economic benefits. It will also support the key objectives of the United Nation’s Sustainable Development Goals, which promote inclusive and sustainable economic growth, employment and decent work for all.
Given the similarity and diversity between the two regions, the collaboration can be more effective with the use of Internet. This is good news as digital divide can thwart education, skill development and healthcare outreach. Additionally, given that both regions are agrarian economies, entrepreneurs can use digital solutions to collaborate in the areas of developing new farm technologies and open new markets for agri-produce.
Between 2005 and 2011, the trade between India and Africa grew at a rate close to 32 per cent. It has doubled to $57 billion from $25 billion and is believed to reach $90 billion by the end of the year.
Both Ashish and John Dramani Mahama, President, Republic of Ghana, spoke about how a global human network can be created by digital platforms and the Internet, thus working towards sharing skills, bringing insights and resources to create new solutions.