In an attempt to boost trade and investment opportunities abroad, India has welcomed heads of state, policymakers, and businessmen from every country in Africa, marking the largest ever India-Africa summit.
Leaders from some 54 nations descended on New Delhi this week for a summit aimed at ushering in a ‘partnership of prosperity’ for Africa and Africans.
In contrast to the economic powerhouse China, which has been accused of exploiting the continent’s vast mineral and energy resources, India positioned itself as a fairer partner to a continent tipped as the global economic growth engine of the coming decades.
With an estimated population of 1.1 billion, Africa’s total GDP is worth over $2.8tn and has been growing at over 5 percent every year.
And with India’s trade with the continent worth $71bn a year, it believes Africa will help its economy grow faster and is targeting around $90bn by the end of 2015.
Razia Khan, an economist and head of Africa research at Standard Chartered Bank, joins Counting the Cost to discuss India’s pragmatic approach to Africa.