English | دری

Africa beckons Indian investors to its USD 65bn projects

in Afghan Business

Africa beckons Indian investors to its USD 65bn projects

india-africaThirty African countries have submitted 475 project proposals worth USD 65bn to the three-day India-Africa Project Partnership Summit, which will commence on March 17th in Delhi.

The Summit is aimed at boosting Indian investment in African countries by pushing India’s overall investment in Africa from USD 35bn to about USD 60bn.

Some of the major Indian companies that have already invested in African nations include Airtel, Emami, Dabur, ONGC Videsh, Essar, Coal India, Tata Group, Godrej, Escorts, Apollo, and Mahindra & Mahindra.

The major that the African countries are looking for Indian investment in the upcoming Summit are agriculture, consumer durables, infrastructure, energy, transport, mining, finance and telecom.

The bilateral trade between Indian and Africa has gone up from $3 billion in 2000 to about $70 billion during the current financial year. The trade is expected to touch $90 billion by 2015.

Although Africa is widely seen as a battleground between India and China for trade supremacy, the buzzword at the ground level is collaboration, rather than competition.

“For us, it is much like a hand-holding approach by two elder sisters,” said Jonathan Wutawunashe, Zimbabwe’s ambassador to India.

In an effort to tackle the aggressive Chinese expansion in Africa, India had extended a $5.7-billion credit and grants for developmental projects and over 100 capacity building institutions in Africa. This is apart from the line of credit that EXIM Bank provides to African nations.

India has also been helping Africa in pan-African e-network projects, tele-education and developing basic infrastructure facilities like water management projects.



Related Articles

Food down, fuel & gold up in Kabul

Pajhwok Afghan News Weekly Price Report-Food items’ prices decreased during the outgoing week in Kabul, where the rates of gold

Powerful Afghans lose electricity for not paying their bills

Da Afghanistan Breshna Sherkat (DABS), Afghanistan’s national electricity company, has disconnected the electricity lines of many customers, including a number

Afghanistan to present its plans of achieving SDGs in the upcoming UN conference

Afghan Economy Minister Abdul Sattar Murad will be representing Afghanistan in the upcoming UN conference where he will be presenting

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.