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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.

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