India eyes $10 bn Africa deals
Resource-hungry India hopes to wrap up deals worth some 10 billion dollars with mineral-rich African states during a high-level business conclave in New Delhi next week, industry leaders said Thursday.
By Agencies |
NEW DELHI: Resource-hungry India hopes to wrap up deals worth some 10 billion dollars with mineral-rich African states during a high-level business conclave in New Delhi next week, industry leaders said Thursday.
The three-day meet, to be attended by 525 delegates from 33 African countries, is "the biggest such interaction between Indian and African states," according to the event organisers, the Confederation of Indian Industry (CII).
"The aim is to have a mini-Africa for Indians to interact, establish ties and do business with," said Shipra Tripathi, who heads CII's Africa department.
"The focus areas for Indian Industry are technology, human resources development including the training of African personnel, agriculture and energy," she said.
Once regarded as a source of minerals like manganese and copper, Asia's fourth largest economy is now eyeing Africa for its huge hydrocarbon reserves to power its fast-growing economy.
India, which traditionally enjoyed warm ties with African countries in the 1960s and 1970s due to its strong support for the struggle against colonialism, has seen its influence slip in recent years.
An Indian official said New Delhi's economic rival China has made huge inroads in Africa thanks to a well-planned policy carried out as India looked towards Europe and the United States after launching market reforms in 1991.
"A measure of China's influence in Africa can be gauged by its volume of trade, which has grown to 55 or 56 billion dollars in a short span of over a decade," said a senior Indian government official, who declined to be named.
In contrast, India's bilateral trade with the continent stood at 25 billion dollars in 2006-2007, according to CII figures.
The three-day meet, to be attended by 525 delegates from 33 African countries, is "the biggest such interaction between Indian and African states," according to the event organisers, the Confederation of Indian Industry (CII).
"The aim is to have a mini-Africa for Indians to interact, establish ties and do business with," said Shipra Tripathi, who heads CII's Africa department.
"The focus areas for Indian Industry are technology, human resources development including the training of African personnel, agriculture and energy," she said.
Once regarded as a source of minerals like manganese and copper, Asia's fourth largest economy is now eyeing Africa for its huge hydrocarbon reserves to power its fast-growing economy.
India, which traditionally enjoyed warm ties with African countries in the 1960s and 1970s due to its strong support for the struggle against colonialism, has seen its influence slip in recent years.
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An Indian official said New Delhi's economic rival China has made huge inroads in Africa thanks to a well-planned policy carried out as India looked towards Europe and the United States after launching market reforms in 1991.
"A measure of China's influence in Africa can be gauged by its volume of trade, which has grown to 55 or 56 billion dollars in a short span of over a decade," said a senior Indian government official, who declined to be named.
In contrast, India's bilateral trade with the continent stood at 25 billion dollars in 2006-2007, according to CII figures.
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