Vimana1
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NEW DELHI: India and African nations are eyeing trade worth $70 billion over the next two years as the worlds third-largest economy has shown its keenness to reach separate free trade agreements with each country on the continent.
Free trade agreements (FTA) between India and different regions of Africa are the natural and the next logical step towards deepening the partnership between the two regions, said Indias Minister of Commerce and Industry Anand Sharma on the sidelines of World Economic Forums India Economic Summit in New Delhi..
On his part, Kenyan PrimeMinister Raila Amolo Odinga said: We see Africas relationship with Brazil, India and China as strategic. They are important in the quest for socio-economic development of our continent.
The co-operation between the two sides termed as South-South or New South co-operation, promise to become a big part of the global economy, according to penalists at the event.
The New South stands in contrast to both the old South that emerged out of the Non-Aligned Movement during the mid-20th century and the North-South relationship that had revolved primarily around development assistance, said Odinga.
While the North-South co-operation was based on transfer of aid from developed to developing countries, South-South co-operation is more of a genuine partnership between the developing countries, said Ajay Chibber, United Nations Assistant Secretary General.
Representatives from both sides agreed that aid had done nothing but increase the debt burden on African economies.
High on Odingas list under this new approach were science and technology transfers and the creation of value-added products from Africas abundant raw materials. The two regions can work on their strong historical ties to deepen their partnership in the future, he added.
With our investments, we want to share our technology and development experience, said Sharma, adding that co-operation can be especially fruitful given the similar demographic profiles. We are a young country, the same as [countries in] Africa, he said.
India has set up an institutional mechanism to deepen its partnership with Africa and is taking a number of steps to reduce poverty, provide health and food security in Africa, Sharma added.
He was referring to the Pan-Africa e-network project, which aims to develop Africas information and communication technologies by connecting all 53 African countries through a satellite and fiber-optic network as an example of Indias commitment towards the continents development.
In a separate development, Argentina has expressed willingness to diversify its exports to India as bilateral trade between the two countries is set to reach $2 billion in 2010, a near three-fold increase over the last year.
"Argentina and India have a common goal regarding vertiginous growth in bilateral trade and investments," Argentine Minister of Industry Debora Giorgi as saying by Xinhua.
India is the second largest Asian investor in Argentina after China with 13 companies in the country that have invested $1.1 billion and generated some 9,000 jobs, she said.
India-Africa trade to touch $70bn within two years - Arab News
Free trade agreements (FTA) between India and different regions of Africa are the natural and the next logical step towards deepening the partnership between the two regions, said Indias Minister of Commerce and Industry Anand Sharma on the sidelines of World Economic Forums India Economic Summit in New Delhi..
On his part, Kenyan PrimeMinister Raila Amolo Odinga said: We see Africas relationship with Brazil, India and China as strategic. They are important in the quest for socio-economic development of our continent.
The co-operation between the two sides termed as South-South or New South co-operation, promise to become a big part of the global economy, according to penalists at the event.
The New South stands in contrast to both the old South that emerged out of the Non-Aligned Movement during the mid-20th century and the North-South relationship that had revolved primarily around development assistance, said Odinga.
While the North-South co-operation was based on transfer of aid from developed to developing countries, South-South co-operation is more of a genuine partnership between the developing countries, said Ajay Chibber, United Nations Assistant Secretary General.
Representatives from both sides agreed that aid had done nothing but increase the debt burden on African economies.
High on Odingas list under this new approach were science and technology transfers and the creation of value-added products from Africas abundant raw materials. The two regions can work on their strong historical ties to deepen their partnership in the future, he added.
With our investments, we want to share our technology and development experience, said Sharma, adding that co-operation can be especially fruitful given the similar demographic profiles. We are a young country, the same as [countries in] Africa, he said.
India has set up an institutional mechanism to deepen its partnership with Africa and is taking a number of steps to reduce poverty, provide health and food security in Africa, Sharma added.
He was referring to the Pan-Africa e-network project, which aims to develop Africas information and communication technologies by connecting all 53 African countries through a satellite and fiber-optic network as an example of Indias commitment towards the continents development.
In a separate development, Argentina has expressed willingness to diversify its exports to India as bilateral trade between the two countries is set to reach $2 billion in 2010, a near three-fold increase over the last year.
"Argentina and India have a common goal regarding vertiginous growth in bilateral trade and investments," Argentine Minister of Industry Debora Giorgi as saying by Xinhua.
India is the second largest Asian investor in Argentina after China with 13 companies in the country that have invested $1.1 billion and generated some 9,000 jobs, she said.
India-Africa trade to touch $70bn within two years - Arab News
