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  • Capital Gain Tax: There may be exemption in capital gains tax for debt MF, Know what will be the benefit

    As per the revenue tax amendments, the benefit of tax benefit below indexation on calculation of long run capital gains on investments in debt mutual funds ceased from 1 April 2023. After this date, investments in all sorts of debt mutual funds are counted in the brief time period class.

    The central authorities is contemplating making slight adjustments in the guidelines of capital gains tax for debt mutual funds to provide some aid to Bharat Bond Exchange Traded Fund (ETF). The subject got here up in a gathering held in the Finance Ministry final week. The motive for that is that the authorities is planning to subject a brand new a part of Bharat ETF in the present monetary yr.

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    According to the Economic Times report, the official says that the matter remains to be being deliberated upon. A remaining determination will be taken on this when the authorities finalizes the price range. The official mentioned that from April 1, 2023, Bharat ETF is taxed at slab charges like another debt mutual fund. This can be a disappointing issue for traders. The Finance Bill 2023 modified the tax construction for debt mutual funds.

    Also Read: EPFO subscribers alert! EPFO has determined to cease Covid-19 advance withdrawal. Details Here

    Before 2023, the tax that was levied on debt funds was decided by the holding interval. In a case the place the holding interval was greater than 36 months, capital gains tax was exempted. Short-term capital gains tax was levied for holding interval of lower than 36 months. As per the revenue tax amendments, the tax benefit below indexation on calculation of long-term capital gains on investments in debt mutual funds ceased to be obtainable from April 1, 2023. After this date, investments in all sorts of debt mutual funds are counted in the short-term class.

    Tax exemption

    However, after the adjustments made in the Finance Bill, debt mutual funds with fairness funding lower than 35% are taxed at the revenue tax charge relevant in your slab. The official mentioned that there’s a thought to provide tax exemption to Bharat Bond ETF. The official mentioned that DIPAM (Department of Investment and Public Asset Management) will now ship a proper advice in this regard to the Revenue Department after the formation of the authorities.

    Finance ministry officers will additionally meet officers of public sector undertakings (PSUs) to evaluate their fund necessities in the present fiscal yr. The Bharat Bond Exchange Traded Fund (ETF) holds bonds issued by CPSEs, CPSUs, central public monetary establishments (CPFIs) and different authorities organisations and three non-public corporations. After its launch in 2018, these establishments have issued bonds utilizing the ETF platform since 2019 and raised debt price ₹33,400 crore.

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  • Capital Gain Tax: There may be exemption in capital gains tax for debt MF, Know what will be the benefit

    As per the earnings tax amendments, the benefit of tax benefit beneath indexation on calculation of long run capital gains on investments in debt mutual funds ceased from 1 April 2023. After this date, investments in all varieties of debt mutual funds are counted in the brief time period class.

    The central authorities is contemplating making slight modifications in the guidelines of capital gains tax for debt mutual funds to offer some aid to Bharat Bond Exchange Traded Fund (ETF). The situation got here up in a gathering held in the Finance Ministry final week. The purpose for that is that the authorities is planning to situation a brand new a part of Bharat ETF in the present monetary 12 months.

    – Advertisement –

    According to the Economic Times report, the official says that the matter remains to be being deliberated upon. A remaining determination will be taken on this when the authorities finalizes the finances. The official stated that from April 1, 2023, Bharat ETF is taxed at slab charges like every other debt mutual fund. This can be a disappointing issue for traders. The Finance Bill 2023 modified the tax construction for debt mutual funds.

    Also Read: EPFO subscribers alert! EPFO has determined to cease Covid-19 advance withdrawal. Details Here

    Before 2023, the tax that was levied on debt funds was decided by the holding interval. In a case the place the holding interval was greater than 36 months, capital gains tax was exempted. Short-term capital gains tax was levied for holding interval of lower than 36 months. As per the earnings tax amendments, the tax benefit beneath indexation on calculation of long-term capital gains on investments in debt mutual funds ceased to be accessible from April 1, 2023. After this date, investments in all varieties of debt mutual funds are counted in the short-term class.

    Tax exemption

    However, after the modifications made in the Finance Bill, debt mutual funds with fairness funding lower than 35% are taxed at the earnings tax charge relevant in your slab. The official stated that there’s a thought to offer tax exemption to Bharat Bond ETF. The official stated that DIPAM (Department of Investment and Public Asset Management) will now ship a proper suggestion in this regard to the Revenue Department after the formation of the authorities.

    Finance ministry officers will additionally meet officers of public sector undertakings (PSUs) to evaluate their fund necessities in the present fiscal 12 months. The Bharat Bond Exchange Traded Fund (ETF) holds bonds issued by CPSEs, CPSUs, central public monetary establishments (CPFIs) and different authorities organisations and three personal corporations. After its launch in 2018, these establishments have issued bonds utilizing the ETF platform since 2019 and raised debt price ₹33,400 crore.

    – Advertisement –

  • Capital Gain Tax: There may be exemption in capital gains tax for debt MF, Know what will be the benefit

    As per the revenue tax amendments, the benefit of tax benefit below indexation on calculation of long run capital gains on investments in debt mutual funds ceased from 1 April 2023. After this date, investments in all forms of debt mutual funds are counted in the brief time period class.

    The central authorities is contemplating making slight modifications in the guidelines of capital gains tax for debt mutual funds to present some reduction to Bharat Bond Exchange Traded Fund (ETF). The problem got here up in a gathering held in the Finance Ministry final week. The purpose for that is that the authorities is planning to problem a brand new a part of Bharat ETF in the present monetary 12 months.

    – Advertisement –

    According to the Economic Times report, the official says that the matter remains to be being deliberated upon. A remaining resolution will be taken on this when the authorities finalizes the finances. The official mentioned that from April 1, 2023, Bharat ETF is taxed at slab charges like some other debt mutual fund. This can be a disappointing issue for traders. The Finance Bill 2023 modified the tax construction for debt mutual funds.

    Also Read: EPFO subscribers alert! EPFO has determined to cease Covid-19 advance withdrawal. Details Here

    Before 2023, the tax that was levied on debt funds was decided by the holding interval. In a case the place the holding interval was greater than 36 months, capital gains tax was exempted. Short-term capital gains tax was levied for holding interval of lower than 36 months. As per the revenue tax amendments, the tax benefit below indexation on calculation of long-term capital gains on investments in debt mutual funds ceased to be accessible from April 1, 2023. After this date, investments in all forms of debt mutual funds are counted in the short-term class.

    Tax exemption

    However, after the modifications made in the Finance Bill, debt mutual funds with fairness funding lower than 35% are taxed at the revenue tax price relevant in your slab. The official mentioned that there’s a thought to present tax exemption to Bharat Bond ETF. The official mentioned that DIPAM (Department of Investment and Public Asset Management) will now ship a proper suggestion in this regard to the Revenue Department after the formation of the authorities.

    Finance ministry officers will additionally meet officers of public sector undertakings (PSUs) to evaluate their fund necessities in the present fiscal 12 months. The Bharat Bond Exchange Traded Fund (ETF) holds bonds issued by CPSEs, CPSUs, central public monetary establishments (CPFIs) and different authorities organisations and three non-public corporations. After its launch in 2018, these establishments have issued bonds utilizing the ETF platform since 2019 and raised debt value ₹33,400 crore.

    – Advertisement –

  • Housing.com’s The Bharat in India Report

    Tier-2 Cities Closing the Gap with Top-8 as Property Prices Surge by 10-15 percent in Prime Areas: Housing.com’s The Bharat in India Report

    Mumbai, 14th June 2024 – Housing.com, India’s main full-stack proptech firm, has launched its inaugural “The Bharat in India” report at the moment. The report unveils outstanding development tendencies in Tier-2 metropolis actual property markets throughout the nation. It highlights how these as soon as missed city facilities are quickly closing the hole with their Tier-1 counterparts. This development is fueled by financial diversification, rising shopper demand, and reverse migration patterns accelerated by the pandemic.

    According to Mr. Dhruv Agarwala, Group CEO of Housing.com mentioned, “The actual property narrative of India is evolving quickly, with Tier-2 cities like Kochi, Jaipur, Goa, and Chandigarh Tricity rising as new development powerhouses. Our proprietary Property Buy Index reveals Tier-2 cities surpassing the high eight metros by a staggering 88 factors, underscoring their rising prominence and repair sector potential.”

    S.No. City Average Capital Values (INR/sq ft)
    1 Bhopal 3,000-5,000
    2 Chandigarh 8,000-10,000
    Mohali 7,000-9,000
    Zirakpur 7,000-9,000
    3 Coimbatore 5,500-7,500
    4 North Goa 10,000-12,000
    South Goa 6,000-8,000
    5 Jaipur 4,000-6,000
    6 Kochi 6,000-8,000
    7 Lucknow 5,000-7,000
    8 Nagpur 4,000-6,000
    9 Nashik 3,000-5,000
    10 Vadodara 3,000-5,000

    Key highlights from “The Bharat in India” report:

    • Key micro-markets in Tier-2 cities have witnessed vital double-digit capital worth appreciation of 10-15% year-on-year, narrowing the value hole with high metros.
    • Capital values in premium localities of Goa, Chandigarh Tricity, and Kochi at the moment are nearly at par with key markets in Delhi-NCR and Mumbai Metropolitan Region.
    • Tier-2 cities like Goa boast sturdy rental markets with yields as excessive as 8%, in distinction to 2-3% in main metros.
    • Homebuyer preferences are shifting in the direction of high-rise flats and life-style facilities like clubhouses, open areas, and sports activities amenities.
    • Online property searches by potential consumers in the INR 1-2 crore section have surged 61%, whereas the above INR 2 crore bracket has seen a development of 121%.

    “The financial kaleidoscope is shifting, and Tier-2 city clusters are rising as new magnets for the expert workforce and the start-up ecosystem. This report paints a compelling image of India’s evolving actual property panorama and underscores the immense alternatives that lie forward for traders, builders, and homebuyers wanting past the conventional actual property hotspots. Tier-2 cities are not on the sidelines; they’re changing into main gamers, attracting investments and providing engaging alternatives,” Mr. Agarwala added.


    Praveen

  • Housing.com’s The Bharat in India Report

    Tier-2 Cities Closing the Gap with Top-8 as Property Prices Surge by 10-15 percent in Prime Areas: Housing.com’s The Bharat in India Report

    Mumbai, 14th June 2024 – Housing.com, India’s main full-stack proptech firm, has launched its inaugural “The Bharat in India” report at present. The report unveils outstanding progress developments in Tier-2 metropolis actual property markets throughout the nation. It highlights how these as soon as neglected city facilities are quickly closing the hole with their Tier-1 counterparts. This progress is fueled by financial diversification, rising shopper demand, and reverse migration patterns accelerated by the pandemic.

    According to Mr. Dhruv Agarwala, Group CEO of Housing.com stated, “The actual property narrative of India is evolving quickly, with Tier-2 cities like Kochi, Jaipur, Goa, and Chandigarh Tricity rising as new progress powerhouses. Our proprietary Property Buy Index reveals Tier-2 cities surpassing the prime eight metros by a staggering 88 factors, underscoring their growing prominence and repair sector potential.”

    S.No. City Average Capital Values (INR/sq ft)
    1 Bhopal 3,000-5,000
    2 Chandigarh 8,000-10,000
    Mohali 7,000-9,000
    Zirakpur 7,000-9,000
    3 Coimbatore 5,500-7,500
    4 North Goa 10,000-12,000
    South Goa 6,000-8,000
    5 Jaipur 4,000-6,000
    6 Kochi 6,000-8,000
    7 Lucknow 5,000-7,000
    8 Nagpur 4,000-6,000
    9 Nashik 3,000-5,000
    10 Vadodara 3,000-5,000

    Key highlights from “The Bharat in India” report:

    • Key micro-markets in Tier-2 cities have witnessed vital double-digit capital worth appreciation of 10-15% year-on-year, narrowing the worth hole with prime metros.
    • Capital values in premium localities of Goa, Chandigarh Tricity, and Kochi at the moment are nearly at par with key markets in Delhi-NCR and Mumbai Metropolitan Region.
    • Tier-2 cities like Goa boast strong rental markets with yields as excessive as 8%, in distinction to 2-3% in main metros.
    • Homebuyer preferences are shifting in the direction of high-rise flats and life-style facilities like clubhouses, open areas, and sports activities services.
    • Online property searches by potential patrons in the INR 1-2 crore phase have surged 61%, whereas the above INR 2 crore bracket has seen a progress of 121%.

    “The financial kaleidoscope is shifting, and Tier-2 city clusters are rising as new magnets for the expert workforce and the start-up ecosystem. This report paints a compelling image of India’s evolving actual property panorama and underscores the immense alternatives that lie forward for buyers, builders, and homebuyers trying past the conventional actual property hotspots. Tier-2 cities are now not on the sidelines; they’re turning into main gamers, attracting investments and providing engaging alternatives,” Mr. Agarwala added.


    Praveen

  • Education: 69 percent of Indian students prefer the US to any other destination

    US mission interviews over 3900 Indian applicants
    More than 100 students and their households participated in Student Visa Day actions at the U.S. Consulate in Kolkata. Photo Courtesy: US Consulate Kolkata PR Team

    The United States stays the primary greater schooling destination for Indian students, with research exhibiting that 69 percent of Indian students prefer to get educated in the US as in contrast to any other locations, a prime official mentioned on Thursday.

    The US Mission to India’s Consular Team interviewed greater than 3,900 pupil visa candidates throughout the eighth Annual Student Visa Day throughout the nation, together with at the US Consulate General Kolkata. 

    In an announcement, US Envoy to India Eric Garcetti mentioned: “Every worldwide pupil on a U.S. campus represents large accomplishment- years of research and onerous work that went into making ready for educational excellence. Like those that went earlier than, immediately’s Indian students additionally characterize large potential – the information you’ll unlock, the new expertise and alternatives you’ll expertise, and the relationships you’ll construct are price the funding. Each pupil is an envoy for India. Together we’re taking the US-India relationship ahead.” 

    More than 100 students and their households participated in Student Visa Day actions at the US Consulate in Kolkata.  

    Speaking to reporters, Consular General Melinda Pavek mentioned: “Thousands of students from the East and Northeast will change into half of the largest delegation of Indian students in historical past this 12 months in the United States.”

    She mentioned: “Indian students, already the largest group of worldwide graduate students in the United States, acquire priceless real-world expertise, receiving employment-based US visas or changing into leaders of their fields right here in India – reflecting the lifelong profit of a US schooling.”
     
    She advised the students that by becoming a member of the universities in the US, they’re changing into the latest hyperlink in the thriving friendship between the two nations.

    In 2023, the US issued over 140,000 pupil visas in India, considerably greater than in any other nation.

    During the 2022-2023 Academic Year, 270,000 Indians studied in the US.   

    Texas, New York, Illinois and Massachusetts stay the prime US locations for Indian students.

  • Education: 69 percent of Indian students prefer the US to any other destination

    US mission interviews over 3900 Indian applicants
    More than 100 students and their households participated in Student Visa Day actions at the U.S. Consulate in Kolkata. Photo Courtesy: US Consulate Kolkata PR Team

    The United States stays the primary larger training destination for Indian students, with research exhibiting that 69 percent of Indian students prefer to get educated in the US as in contrast to any other locations, a prime official stated on Thursday.

    The US Mission to India’s Consular Team interviewed greater than 3,900 scholar visa candidates throughout the eighth Annual Student Visa Day throughout the nation, together with at the US Consulate General Kolkata. 

    In an announcement, US Envoy to India Eric Garcetti stated: “Every worldwide scholar on a U.S. campus represents great accomplishment- years of research and arduous work that went into making ready for tutorial excellence. Like those that went earlier than, at present’s Indian students additionally characterize great potential – the data you’ll unlock, the new expertise and alternatives you’ll expertise, and the relationships you’ll construct are price the funding. Each scholar is an envoy for India. Together we’re taking the US-India relationship ahead.” 

    More than 100 students and their households participated in Student Visa Day actions at the US Consulate in Kolkata.  

    Speaking to reporters, Consular General Melinda Pavek stated: “Thousands of students from the East and Northeast will turn out to be half of the largest delegation of Indian students in historical past this 12 months in the United States.”

    She stated: “Indian students, already the largest group of worldwide graduate students in the United States, acquire precious real-world expertise, receiving employment-based US visas or changing into leaders of their fields right here in India – reflecting the lifelong profit of a US training.”
     
    She advised the students that by becoming a member of the universities in the US, they’re changing into the latest hyperlink in the thriving friendship between the two nations.

    In 2023, the US issued over 140,000 scholar visas in India, considerably greater than in any other nation.

    During the 2022-2023 Academic Year, 270,000 Indians studied in the US.   

    Texas, New York, Illinois and Massachusetts stay the prime US locations for Indian students.

  • Epson retains the No.1 position in the Indian Projector Market for the eighth consecutive year

    Epson retains the No.1 position in the Indian Projector Market for the eighth consecutive yearIndia, June 14, 2024: Epson, a worldwide chief in digital imaging and printing choices, at current launched its continued administration and year-on-year market share improvement in the Indian projector market. According to the latest data revealed by Futuresource Consulting for FY23, Epson provided 77,637 projectors out of the normal 172,414 projectors provided in the nation all through the fiscal year 2023-24. This gave Epson a serious market share of 45.03% in FY2023. Epson has grown its market share by 13% in FY2023 from its earlier share of 31.54% in FY2022. Futuresource Consulting are market specialists in seen reveals and are accepted as the worldwide projector commerce commonplace.

    Epson has been the chief in the Indian projector market since the FY 2016-17. Globally, Epson has been the No. 1 projector mannequin position for 22 years, with a Global market share of 32.3% in FY 2022-23. Epson stays the market chief in every B2B and B2C lessons.  Epson attributes its success to its proprietary 3LCD know-how which delivers vibrant and true-to-life images with as a lot as 3 events elevated shade vibrancy and the subsequent shade gamut than others. Epson says its projectors have all the time been renowned for their high-quality effectivity, revolutionary choices and superior know-how. The most recent projectors elevate the individual experience with Laser light provide, Ultra Short throw, 3LCD Reflective Laser know-how and 4K for state-of-the-art home theatre projectors. Epson says it should proceed to focus on creating cutting-edge utilized sciences and choices to ensure it stays the most preferred projector mannequin every in India & Worldwide.

    Epson’s key segments for projectors embrace education, corporates, authorities and residential, with each presenting very important improvement alternate options. Epson projectors are primarily used in firm meeting rooms for reveals, for collaborating school college students in lecture rooms, for huge venue and theatre type projections and for an elevated home theatre experience. Demand is being fueled by digital lecture rooms, hybrid meeting rooms, teaching rooms, projection mapping, digital paintings galleries, rental and staging, and residential leisure.  The newer shift in the path of Laser light provide projectors with longer lifetime of upto 30,000 hours is supporting greener and cost-efficient workplaces. In the education sector, digitization and interactive finding out are driving projector adoption. Smart choices like wi-fi connectivity and mobile compatibility further enhance attraction, reflecting a improvement in the path of a seamless, helpful multimedia experiences.

    Commenting on the achievement, Mr. A. Ok. Harish, Senior General Manager – Visual Products, Epson India, acknowledged, “We are delighted to not merely retain the No.1 position in the Indian projector market for FY2023, nonetheless to significantly enhance our market share as successfully. We have been the market leaders in India for a number of years now. Over the years, the projector market has developed significantly, offering a further superior individual experience along with seamless choices. Epson has persistently been at the forefront of this transformation, delivering merchandise that current vibrant, true-to-life images and a viewing experience that exceeds purchaser expectations”.


    Mansi Praharaj

  • Good news! Now metro will run in this city, See where the stations will be

    To make Bareilly metropolis good, the Uttar Pradesh authorities is investing sufficient cash for the growth of Bareilly.

    Bareilly’s divisional commissioner has mentioned that on the foundation of the AAR report, no objection has been obtained from the Public Works Department, Forest Department, Air Force and University on precedence foundation. The form of each the corridors will be selected the foundation of the report. After highlighting all these factors in the assembly, gentle metro will be in a position to run in Bareilly quickly.

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    The Uttar Pradesh authorities has given the present of metro practice to the Nath metropolis of Bareilly. As quickly as Bareilly acquired the present of metro, the administration and the municipal company have began preparations to run the metro in the metropolis. In a gathering chaired by Commissioner Saumya Agarwal, it has been determined to run the metro practice from Bareilly Junction to Qutubkhana to Gandhi Udan on a 22 km street in the metropolis. The metro will be run in two phases in the metropolis, in which the metro will run from Bareilly Junction to Gandhi Udan in the first section. Whereas, in the second section, it has been determined to run the metro practice from Rampur Garden to CBganj.

    Also Read: Petrol-Diesel Price Today: New costs of petrol and diesel have been launched, examine the newest worth earlier than filling the tank

    Where will the metro run in Bareilly

    A 22 km lengthy metro practice will be run in Smart City Bareilly, which will improve the magnificence and site visitors of Bareilly. In this, in the first section, metro practice will run on the route from Bareilly Junction to Chowki Chauraha, Ayubkha Chauraha, Qutub Khana Chauraha, Kulhadi Peed, DD Pur, Sabzi Mandi, IVRI University, North City, Fun City, Suncity, Phoenix Mall, Rohilkhand University, Satellite Bus Stand to Gandhi Udyan. Whereas, in the second section, metro will run from Rampur Garden to CB Ganj in the metropolis. In the first section, it will be run on a 12 km route and in the second section, it will be prolonged to 22 km.

    cMetro practice will run by means of a venture price Rs 5000 crore; initially a price range of Rs 3000 crore was proposed for working the metro practice in Bareilly. But, this price range has been elevated to Rs 5000 crore in the assembly. So that, the metro work can be began as quickly as doable. The administration also can present gentle metro facility on a big scale to the folks of Bareilly. For this, a letter has been despatched to the authorities by means of the divisional commissioner. But, the venture went to Thanda Basti. One of the causes for this is alleged to be the challenges in the busy space and the failure of the metropolis bus service in the metropolis. After 2 years, as soon as once more the earnings for bringing the gentle metro on the floor have been began.

     

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  • Afreximbank’s Annual Meetings 2024 Calls For Africans Across The Globe To Unite


    Denis Denya, Senior Executive Vice President – Finance, Administration and Banking Services, Afreximbank when he delivered the opening remarks
    (Source: Afreximbank)

    The three-day event is taking place in The Bahamas jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF)

    NASSAU, THE BAHAMAS: Heads of State, Ministers, government officials, and renowned captains of industry were among the over two thousand delegates attending day one of the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) (www.Afreximbank.com) being held in Nassau, The Bahamas from June 12-15. Themed “Owning our Destiny: Economic Prosperity on the Platform of Global Africa,” the first day of the Meetings called to strengthen the linkages between Africa and the Caribbean, the sixth region of the African Union. These meetings are considered crucial for economic decision-makers in Africa and the Caribbean and are covered by the African, Caribbean, and international media.

    In his welcome remarks, John Rolle, Governor of the Central Bank of The Bahamas, encouraged the attendees to capitalize on the opportunities to learn, share, and network. He mentioned that the Caribbean could benefit from learning more about the Pan African Payment and Settlement System (PAPSS) from Africa. He believes that with support from Afreximbank, the Central Banks across the Caribbean Community (CARICOM) can work towards replicating that system.

    Mr Rolle, said: “A successful project in the Caribbean could keep us on pace to deliver on targets that are already being set for an international payment system that, even at the retail level, is more integrated, faster, and significantly cheaper for the average consumer. If we perfect the multilateral cross-border payments and settlements arrangement, it could also help us to conserve the use of precious international reserves, especially if we expand intra-regional trade.”

    In recognition of the increasingly closer linkages between Africa and the Caribbean and the movement towards a Global Africa uniting Africans, their diaspora, and descendants worldwide, the three-day event is taking place in The Bahamas jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF).

    In his remarks, Denys Denya, Senior Executive Vice President of Afreximbank, said the AAM and ACTIF2024 were a reunion of all Africans in the context of Global Africa and would help shape the shared vision and aspirations of the Caribbean region and Africa.

    Denya said: “For a continent that is endowed with such an abundance of natural resources, the quest for sustainable development has been a perennial struggle. The state of development across the Caribbean region, while not identical, is not quite different from this narrative. It is in this context of sustained deprivation and marginalization, that we seek to unify our forces in the context of Global Africa for a better future. In our unity, we have the numbers, we have the voice to sit at the table when decisions are made. We are a viable force to influence global decisions.”

    Pamela Coke-Hamilton, Executive Director of the International Trade Centre, emphasized the significant trade potential between Africa and the Caribbean, projecting trade to reach US$1.8 million annually by 2028. She suggested it is time to explore establishing a free trade area between Africa and the Caribbean. “Trade agreements are one way to help bring down barriers and open new opportunities.

    After the Opening Ceremony, delegates attended a session on “Building Resilience in an Era of Globalization,” featuring a keynote address from Dr Roger W. Ferguson, Former Vice Chair of the Federal Reserve. Dr Ferguson, the first African American to hold that post, emphasized the importance of developing diverse and flexible systems to respond to challenges, highlighting the risks of rigidity in the face of shocks.

    During the first plenary session, which looked at navigating economic transformation in a poly-crisis world, Chairman and Managing Partner of SouthBridge Group and Former President of African Development Bank Group, Dr. Donald P. Kaberuka, emphasized the importance of countries learning to manage crises rather than treating them as unique situations. Meanwhile, Prof. Jeffery Sachs, Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam, said that in the face of stiff competition internationally, Africa must unite. He said: “You cannot operate in this world as a small country. Even the small countries that are successful are part of somebody’s world. And Africa is too big to be part of somebody’s world. It’s got to be Africa as a fundamental pillar of the world scene.”

    During the second plenary session before lunch, the Hon. Ken Ofori Attah, Economic Advisor to the President of Ghana, Hon. Hassan Abdalla, Governor, of the Central Bank of Egypt, and the Hon. Chad Blackman, Minister in the Ministry of Economic Affairs & Investment, Barbados, discussed best practices in dealing with macroeconomic crises, highlighting the importance of credibility, and having access to better financing options.

    Day One also saw Actress and JVL Media Co-Founder Viola Davis sign a memorandum of intent with Afreximbank and Fund for Export Development to create an African Film Development Value Chain. Following the ceremony, she emphasized the power of storytelling in reshaping the African narrative. She said the prevailing perception of poverty and suffering is intentionally perpetuated to justify mistreatment by oppressors, and so it is important for Africans to take ownership of their narrative.

    After lunch, delegates attended three plenary sessions on the following topics: “Driving Economic Transformation in Global Africa: The Role of Emerging Afri-Caribbean Giants,” “Making the African Continental Free Trade Agreement Work for Global Africa,” and “Using Industrial Transformation to Build Bridges: The Global Africa Vision and Experience of the Dangote Group.”

    The day closed with remarks from H.E. Mr. Babajide Olusola Sanwo-Olu, Governor of Lagos State, who urged Africans to embrace the global African agenda, see themselves as they can and should be, and march into the future with the determination to write their own stories of success such as the African Continental Free Trade Area.

    AAM and ACTIF are focused on addressing challenges that affect African and Caribbean economies, promoting growth, and accelerating trade and investment flows within Africa and with the diaspora.