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India aims to boost investment in Africa [Khaleej Times (United Arab Emirates)](Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Narang said that India's partnership is aligned with Africa's own development priorities and trade has grown 31 per cent annually between 2005 and 2011 and is now estimated to be over $72 billion. United Nations: India aims to boost investment in industrial, economic and social sectors of Africa as the 54-nation continent tries to ramp up development to alleviate poverty, the UN General Assembly was told. "Scaled-up investments in infrastructure, both economic and social, as well as in productive capacity for industrial development are needed," Amit Narang, a counsellor at India's UN Mission, said. "This is an area of priority for India's partnership with Africa as well." "Sustained and robust inclusive economic growth is indispensable for eradicating poverty and therefore also a central policy objective," he said speaking at the UNGA session on the New Partnership for Africa's Development, or Nepad. India attaches high importance to the programme's goal of "broad-based and equitable economic growth that allows Africa to reduce poverty and better integrate into the global economy." UN Secretary-General Ban Ki-moon noted the growing cooperation between and India and Africa in his progress report on the Nepad, saying: "Indian investment in Africa has surged, with major investments in information and communications technology, energy, engineering, chemicals, pharmaceuticals and automobiles sectors." Narang said that India's partnership is aligned with Africa's own development priorities and trade has grown 31 per cent annually between 2005 and 2011 and is now estimated to be over $72 billion. Indian investment in Africa is estimated to be over $35 billion and in the last decade as the country India has provided more than $6.7 billion in concessional lines of credit for African countries, which is more than two-thirds of the total such credit extended by the country, he said. Indian telecommunications company Bharti Airtel, is a major player in the area, having acquired the African operations of Zain Telecommunications for an estimated $10.7 billion in 2010. The company says it has 70 million subscribers in 17 African countries. (c) 2014 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |