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India Strengthens Economic Ties with African Continent

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저작자 미상 (저작물 2267374 건)

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공표년도

창작년도

2008-04-09

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To form new economic partnerships while tapping into possible energy sources.
This is why India is acting fast in its engagement with African nations.
Speaking at the first ever summit between India and 14 African nations Tuesday Indian Prime Minister Manmohan Singh pledged to invest more than half a billion US dollars in Africa over the next 5-to-6 years.
" Under this scheme India will unilaterally provide preferential market taxes for exports from all 50‚ least developed countries‚ 34 of which are in Africa."
With this new partnership India is opening up a wide range of possibilities and aid.
For one doubling its line of credit to African nations this year.
This will amount to more than 5.4-billion dollars.
And eliminating tariffs on Africa's key export products aluminum and sugar cane.
Indian officials say India-Africa trade has jumped six fold in the past five years and participating leaders from South Africa‚ Kenya‚ Egypt‚ Tanzania‚ Ghana and Algeria couldn't agree more.
"Indeed without the strengthening of institutions like our own regional economic communities‚ which will lead to African integration‚ our economies will forever be localised and unable to sufficiently grow."
While India denies any timed move based on a rivalry with China experts believe there is a link.
In 2006‚ China hosted similar summit talks with 50 African nations and with it‚ China-Africa trade surged to over 73-billion dollars in 2007 jumping more than 18-billion dollars from the year before.
Active economic ties come in line with a bigger presence in energy rich Africa.
Last year‚ Chinese and Indian companies won bids to excavate in Nigeria Africa's top oil exporter.
Shin Haejoo‚ Arirang News.
Reporter : hshin@arirang.co.kr

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