labels: Economy - general
Preferential market access for African exports, PM tells India-Africa Summit in New Delhi news
08 April 2008

The first-ever India-Africa Summit got underway today with an assurance from Prime Minister Dr Manmohan Singh that India would  ease access for exports from the ''world's poorest countries''. The PM said exports of natural resources such as cotton, cocoa, aluminium and cooper ores, ready-made garments, and industrial diamonds from Africa, would enjoy preferential market access.

India is also expected to offer its skills in services, social sector and industry in return for access to natural resources.

Addressing African leaders at the inauguration of the event, Dr Singh said India would unilaterally provide preferential market access for exports from all the 50 least developed countries, 34 of which were from Africa.

The two-day India-Africa Forum Summit, aimed at bringing India closer to the countries in the African continent by strengthening economic, political and social ties, will also be used to dispel the notion that India turns to Africa only when it needs its votes on UN resolutions, and also counter China's growing clout in the region.

Dr Singh said that India would make available grants of over $500 million for projects and would focus on developing the region's rail, IT, telecom, and power infrastructure in Africa on a priority basis over the next five-six years.

He also informed the assembled guests that India's lines of credit of over $2 billion to African nations and trading groups over the last five years, were expected to double to over $5.4 billion in the coming five years.

Dr Singh said that it was India's desire to cooperate with all the countries in Africa to help achieve economic stability, self-reliance and  peace and to that end India wanted to become a partner in Africa's resurgence.

Keen to reinforce its "distinct" and "time-tested" relationship with Africa, India is expected to announce a strong financial package for the countries of the continent and come out with a document outlining the framework of cooperation and a Delhi Declaration that would include an action plan for deepening India's strategic and economic ties with the continent.

"Africa has always enjoyed an important position in our foreign policy engagement," external affairs minister Pranab Mukherjee said addressing the foreign ministerial meeting on the eve of the summit last night.

"India's ties with Africa are time-tested, distinct and different. It cannot be compared with those of any other country," responded minister of state for external affairs Anand Sharma to a query whether New Delhi was engaging Africa to counter the growing Chinese presence on the continent.

India has had long-standing links with several eastern and southern African nations like Kenya, Tanzania, Nigeria, Uganda, Zambia, Zimbabwe and South Africa that have hosted a strong expatriate Indian trading community dating back from the colonial period.

India's trade with Africa has gradually risen from just below $1 billion in 1991 to $20 billion in 2006-07, though way behind China's $55 billion.


 search domain-b
  go
 
Preferential market access for African exports, PM tells India-Africa Summit in New Delhi