India pledged yesterday to invest hundreds of millions of dollars in development projects in Africa in an attempt to bolster its presence on the continent, where economic rival China has already invested billions of dollars.
Indian Prime Minister Manmohan Singh, speaking to the leaders of 14 African nations attending the first India-Africa summit, said India would provide more than US$500 million over the next five to six years in grants for development projects.
“The time has come to create a new infrastructure for our engagement in the 21st century,” he said.
Singh also said India was planning to more than double its lines of credit to African countries and regional economic groups to US$5.4 billion, up from US$2.15 billion in the last five years.
Two-way trade between India and the African continent totals about US$30 billion a year, having grown sixfold in the last five years, Indian Junior Minister for External Affairs Anand Sharma said.
In comparison, trade between China and Africa surged from US$55 billion in 2006 to US$73.3 billion last year, Xinhua news agency reported. Chinese Premier Wen Jiabao (溫家寶) said in 2006 that China should strive to bring the trade volume to US$100 billion by 2010.
India’s interest in Africa is seen in part as an attempt to counter Chinese influence in the region.
In 2006, China hosted leaders from almost 50 African nations for the first summit between Chinese and African officials, showcasing a vigorous relationship centered around oil and aid.
In the last few years China and India have both bolstered their presence in many oil-rich African nations.
Last year companies from both countries won in a round of bids for exploration licenses in Nigeria, Africa’s leading oil exporter.
China is Sudan’s largest trading partner and absorbs most of the country’s oil exports. Beijing is also the largest trading partner of South Africa, the continent’s economic powerhouse.
But Sharma denied that India’s interest in the continent was fueled by the rivalry.
“India’s engagement with Africa is time tested, different and cannot be compared to any other country,” Sharma said.
“We are not looking at gains, nor are we seeking to compete with anyone,” he said.
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