India to triple trade with Africa
Jan 22, 2009
NEW DELHI<br><br>India expects to triple trade with Africa over the next five years to reach $100b, officials said on Wednesday, as it tries to strengthen ties in a region where Asian rival China has made rapid inroads.
NEW DELHI
India expects to triple trade with Africa over the next five years to reach $100b, officials said on Wednesday, as it tries to strengthen ties in a region where Asian rival China has made rapid inroads.
Despite an economic slowdown, India is planning a slew of projects in agriculture, small industry, mining, Information and Communication Technology (ICT), oil pipelines, chemical industry, power generation and transmission among others.
The government also plans to double credit lines to $5.4b over five years and provide $500m for projects from the “Aid to Africa†budget, Pranab Mukherjee, India’s External Affairs minister said during a India-Africa business summit in New Delhi.
Business leaders and politicians from at least 32 African countries and India vowed this week to improve bilateral trade and relations, which date back to the British colonial period when thousands of Indians were taken to Africa as indentured labourers.
Reuters
India expects to triple trade with Africa over the next five years to reach $100b, officials said on Wednesday, as it tries to strengthen ties in a region where Asian rival China has made rapid inroads.
Despite an economic slowdown, India is planning a slew of projects in agriculture, small industry, mining, Information and Communication Technology (ICT), oil pipelines, chemical industry, power generation and transmission among others.
The government also plans to double credit lines to $5.4b over five years and provide $500m for projects from the “Aid to Africa†budget, Pranab Mukherjee, India’s External Affairs minister said during a India-Africa business summit in New Delhi.
Business leaders and politicians from at least 32 African countries and India vowed this week to improve bilateral trade and relations, which date back to the British colonial period when thousands of Indians were taken to Africa as indentured labourers.
Reuters