India – South Africa Relations
India and South Africa Are two rapidly Developing Countries In south Asia and Africa respectively.India is Economic and Military powerhouse of Asia while while South Africa is the most developed country of Africa Continent.
These two countries are Also Members Of “BRIC” which is organization of 5 most developing countries in world along with Russia,China & Brazil.
These two countries In Recent Times are co-operating with each other on many fronts most important of which obiviously is Econmy & Industry.India and S.A. have many Trade Agreements which enables a smooth function in Trade.Indian Expats are often required In business in South Arica.
Indian firms are conducting numerous takeovers abroad and are venturing into Africa. In June 2008, Bharti Airtel, an Indian telecommunications giant, purchased Zain Africa for US$9 billion. Trade between India & Africa has grown exponentially during the past decade. Indo-African trade volume reached US$ 53.3 billion in 2010-11 & US$ 62 billion in 2011-12. It is expected that it would further go up to US$ 90 billion by 2015.
As of 2011, India has emerged as Africa’s fourth largest trade partner behind China, EU & USA whilst Africa has emerged as India’s sixth largest trading partner behind EU, China, UAE, USA & ASEAN. It is to be noted that this volume was at a meager US$ 3 billion in 2001. In November 2012 FICCI President led a business delegation to Ethiopia to meet the new Prime Minister Hailemariam Desalegn and reaffirm India’s commitment to the growth and development of Africa. Indian companies have already invested more than US$ 34 billion in the resource-rich continent as of 2011 & further investments worth US$ 59.7 billion are in the pipeline.
Among the proposals that CII (Confederation of Indian Industry) received from the African nations are 126 agricultural projects worth an investment of $4.74 billion, 177 infrastructure projects worth $34.19 billion, and 34 energy sector plans costing $20.74 billion (337 projects totalling US$ 59.7 billion).
Indian PM Dr.Manmohan Singh while expressing his country’s support to Africa, trade summit that “Africa possesses all the prerequisites to become a major growth pole of the world in the 21st century. We will work with Africa to enable it to realise this potential”. The Indian government has promised to extend loans worth US$ 5.4 billion (during 2011-14) to several African nations in order to nurture growth in those nations.
This Recent Developement between two nations will enable these countries to lead their Regions in Coming Time.
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