India-China Emerge Strong Business Partners Of Africa: Study

Tuesday, September 19, 2006

Chinese and Indian firms are increasingly doing business in sub-Saharan Africa, and their interest in the continent extends well beyond a hunt for natural resources, Press Trust of India (PTI) reported Sunday quoting the study titled “Africa’s Silk Road: China and India’s new Economic Frontier” as saying.

“These two emerging economic giants of Asia are at the centre of the explosion of African-Asian trade and investment, a striking hallmark of the new trend in South-South commercial relations,” the study said. SINGAPORE, Sept 18 (Bernama) — India and China have emerged as strong business and investment partners of Africa, with firms from the two countries beginning to diversify beyond oil and natural resources into a broad array of industries, a new World Bank study said.

Chinese and Indian firms are increasingly doing business in sub-Saharan Africa, and their interest in the continent extends well beyond a hunt for natural resources, Press Trust of India (PTI) reported Sunday quoting the study titled “Africa’s Silk Road: China and India’s new Economic Frontier” as saying.

“These two emerging economic giants of Asia are at the centre of the explosion of African-Asian trade and investment, a striking hallmark of the new trend in South-South commercial relations,” the study said.

Exports from Africa to Asia tripled in the last five years, making Asia Africa’s third largest trading partner (27 per cent) after the European Union (32 per cent) and the United States (29 per cent), it said.

Indian and Chinese foreign direct investment also grew, with China’s amounting to US$1.18 billion US$1=RM3.66) by mid-2006, the study said.

Continue reading “India-China Emerge Strong Business Partners Of Africa: Study”

Source: Bernama.com (link opens in a new window)