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India announced new plans concerning their collaboration
with African states. The project involves the investment of hundreds of
millions of dollars in different development platforms, in order to step up to
their economic rival China and counter their influence in the region.
The collaboration is expected to work as an exchange between
India and the interested African states, India offering its knowledge in low-cost
services and industry and receiving access to the rich African natural
resources and food supplies.
Prime Minister Manmohan Singh stated that political benefits
are also considered, this aid helping India for a potential seat on the United
Nations Security Council. "No one understands better than India and Africa
the imperative need for global institutions to reflect current realities and to
build a more equitable global economy and polity," he was quoted saying by
Reuters, to the assembled heads of state and ministers, among them South
Africa's Thabo Mbeki.
Singh also said that India, in addition to the mentioned
efforts, will more than double the line of credit for the African countries and
regional economic groups from $2.15 billion in the past five years to $5.4
billion.
Even though China has the upper hand on the African two-way
trades with an estimated $73 billion last year, India is looking at their $30
billion last year as being just another step in their carefully assembled
economic stratagem looking to double the amount in the following years.
A two-day summit organized to resolve matters
such as the expanding of political ties and economic cooperation, began today
and includes leaders from South Africa, Kenya, Egypt, Tanzania, Ghana and
Algeria out of the total of 14 participants.
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