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The Analyst Magazine:
Destination Africa : Indias Trade Safari
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India seeks greater ties with the Sub-Saharan African region, the new global hotspot for energy resources, to achieve energy security.

 
 
 

Addressing the Joint Session of the Nigerian National Assem bly in October 2007, first by an Indian Prime Minister in the last 45 years, Manmohan Singh was unequivocal on India's stance on Africa's resurgence on the world map. "We (India) seek to become a close partner in Africa's resurgence," he said. New Delhi has not wasted any time in translating words into action. In March this year, the Prime Minister unveiled a blueprint for boosting its relationship with the African region. Nigeria is already India's largest trading partner in Africa. The first India-Africa Forum, a two-day summit, touted as India's most important diplomatic event this year, held in New Delhi, was attended by eight heads of African states and delegations from 14 African countries. The event focused on ways to boost relations between the two sides in areas of trade, agriculture and human resources. The Prime Minister chose the occasion to announce duty-free access to Indian markets for the world's 50 Least Developed Countries (LDCs), 34 of which are in Africa, comprising 92.5% of all LDC exports, including diamonds, cotton, cocoa, aluminum ore and copper ore, in a gesture to show India's continued concern for the continent.

The two countries which share a deep and long history of ties that go beyond the realms of business, however, are now putting greater emphasis on furthering economic and commercial ties. The efforts have shown good results. Economic ties between India and Africa are burgeoning rapidly, with bilateral trade estimated to have touched $30 bn in 2007-08. The economic partnership spans diverse sectors, including agriculture, small and medium enterprises, health, education, infrastructure, information technology and communications, automobiles, manufacturing and development of railways. The Prime Minister has emphasized the need for a `new architecture' in relations. However, the country's political bosses are now looking beyond mere gestures as they mean serious business—a change in the mindset that critics attribute to India's growing worry over China's recent headways in its economic and commercial ties with the region.

 
 
 

The Analyst Magazine, Indias Trade Safari, Least Developed Countries, LDCs, Indian Markets, Human Resource Management, Knowledge Management, Human Resources Development, Indian Chambers of Commerce and Industry, FICCI, Information and Communication Technology, ICT, China National Petroleum Corporation, CNPC, Acquisition.