Rhys Blakely in Bombay

India has granted Africa radically improved terms of trade in the clearest signal yet that it intends to compete head-to-head with China for access to the continent’s natural resources.

Speaking at the inaugural India-Africa Forum Summit in New Delhi, Manmohan Singh, the Indian Prime Minister, said that tariffs would be scrapped on a host of African imports, from diamonds and copper ore to sugar cane and clothes. The abolition of duties will cover 94 per cent of the in-bound goods from 34 African nations.

The summit, which is being attended by the leaders of 14 African states, is widely regarded as India’s riposte to the China-Africa Cooperation Forum of 2006, at which China unveiled $9 billion in preferential loans, export credits and other incentives to reinforce its grip on Africa’s mineral-rich regions.

Mr Singh yesterday tabled a rival set of financial sweeteners including plans to more than double credit lines to Africa, to $5.4 billion, over the next five years and $500 million in state aid. The measures join an estimated $15 billion in investment in Africa from India’s corporate sector last year, much of it in mining, power and IT projects.


He said: “India wishes to see the 21st century as the century of Asia and Africa with the people of the two continents working together to promote inclusive globalisation.”

Indian diplomats, who are lobbying for a permanent seat on the UN Security Council, studiously avoided any public mention of China in the build-up to the landmark summit. However, policymakers privately acknowledge that India must close the yawning gap its eastern neighbour has built up in the race to tap Africa’s resources.

Access to raw commodities is essential if India’s economic renaissance is to continue and will become a more pressing concern as the subcontinent’s consumers grow more affluent, analysts say. The International Energy Agency, for instance, forecasts that India will overtake Japan, the US and China as the world’s largest net importer of oil by 2025.

India already imports 11 per cent of its oil from Nigeria and wants access to alternative reserves in Angola, sub-Saharan Africa’s largest producer. However, it faces fierce competition from Chinese interests, which have already poured $15 billion in investment into Angola.

Similar scenarios are playing out across Africa. While India has increased its bilateral trade with the continent more than 30-fold since its own economy was liberalised in the early 1990s, it is still worth only about half of the $60 billion achieved by China last year.

Mr Singh yesterday advocated harmony between Africa and India on a range of topics from education to terrorism but the race for resources risks upsetting his relations with Europe and the United States, one Western diplomat said. State-controlled Indian companies have entered controversial tie-ups with their Chinese equivalents. In Sudan, China National Petroleum Corp and India’s Oil And Natural Gas Corp are working as partners on the Greater Nile Oil Project – a move critics say has allowed the Sudanese to reject Western attempts to mediate in the conflict in Darfur.

The Indian Government is also trying to eliminate Western middlemen wherever possible. This week it proposed reshaping the global trade in diamonds by importing unpolished stones directly from Africa, the source of 70 per cent of the world’s gems, and bypassing historical markets such as London, Tel Aviv and Antwerp.

At present, 95 per cent of the world’s diamonds are cut and polished in India, but most pass through Europe on the way to the subcontinent.

Foreign ministers from India and Africa have agreed that this week’s summit will produce two documents. The Delhi Declaration will cover positions on UN reforms, climate change, trade negotiations and terrorism. A second document, The Framework for Cooperation, will cover agreements in areas including education, technology, food security and health.

http://business.timesonline.co.uk/tol/business/markets/...a/article3708556.ece

India is fairly new at the rope a dope game.

Shouldn't India spend the billions improving their own damn country.?.

quote:

Originally posted by Ramakant_p:
Shouldn't India spend the billions improving their own damn country.?.

How does that comment fit with the subject matter? Besides, they are spending hundreds of billions improving thier country.

By the year 2020, China and India will be vying with the United States for global economic supremacy.

There is a big difference with the approaches of India and China. China is going in with direct govt to govt relationships as most investments from China are Govt controlled. There are lots of political stirings attached. India Govt is going in as a facilitator and promoting a "PPP" ideology (Public, Private, Partnership). The Indian Govt and Industry is very cognizant of their own colonial history and is not out to replicate that philosophy now in Africa. The Indian Govt is assisting the process by granting special status to African origin products into the booming indian market. This is making it attractive for Indian companies with African partners to produce in Africa and export to India thus creating a win-win scenario. Tata is contemplating building the Nano in Africa for Africa and has said most of the production will be done in Africa, not in India. Their aim, they say, is to bring the value to Africa and help spur firmly rooted economic growth. Already, it is India which is the "medicine chest" for Africa.

I doubt any Afro-Guyanese, with their racists dispositions, will ever see anything coming from India to Africa as anything other than exploitation. Afro Guyanese are nothing but a bunch of sore loosers who are filled with nothing but hatred, malice and animosity towards Indians. This is a culture that was fostered by the PNC and exploited by the Brits and US to their advantage, and Afros are all too willing to facilitate.

I doubt any Afro-Guyanese, with their racists dispositions, will ever see anything coming from India to Africa as anything other than exploitation.

Afro Guyanese are nothing but a bunch of sore loosers who are filled with nothing but hatred, malice and animosity towards Indians. This is a culture that was fostered by the PNC and exploited by the Brits and US to their advantage, and Afros are all too willing to facilitate.


Don't be so quick to condem.


Sounds just like the UNC! did u see my posts with Indians "protesting" an Indian steel company's plans to build a steel plant, notice the lack of Afros in the pictures.

If Panday was PM in T&T and an Indian company was setting up a steel plant with his gov't's encouragement MOST afro trinis would NOT be doing that!


Death march: Members of the UNC Alliance youth arm carry a wooden coffin as a symbol of how the party planned to "bury" the PNM administration as they take part in an anti-crime march from Couva to Chaguanas yesterday.


For our children: Pranz Gardens residents walk along the Southern Main Road, Claxton Bay to the Claxton Bay Fishing Centre, on Saturday, to protest against the planned construction of a steel mill.


Baseman everyone in here knows that the PPP supports and helps the UNC party with whatever they need from cash to helping out with mischief like phony letters etc.

Basebai look at coolie in T&T allowing themselves to be used like fools, just because "Panday outta powah" etc.

I'd bet my right hand the GOG would ONLY dream that Mittal or Essar steel would build plants in Guyana right or wrong?

quote:

Originally posted by Eric's_Revenge:
I doubt any Afro-Guyanese, with their racists dispositions, will ever see anything coming from India to Africa as anything other than exploitation.

Afro Guyanese are nothing but a bunch of sore loosers who are filled with nothing but hatred, malice and animosity towards Indians. This is a culture that was fostered by the PNC and exploited by the Brits and US to their advantage, and Afros are all too willing to facilitate.


Don't be so quick to condem.


Sounds just like the UNC! did u see my posts with Indians "protesting" an Indian steel company's plans to build a steel plant, notice the lack of Afros in the pictures.

If Panday was PM in T&T and an Indian company was setting up a steel plant with his gov't's encouragement MOST afro trinis would NOT be doing that!


Death march: Members of the UNC Alliance youth arm carry a wooden coffin as a symbol of how the party planned to "bury" the PNM administration as they take part in an anti-crime march from Couva to Chaguanas yesterday.


For our children: Pranz Gardens residents walk along the Southern Main Road, Claxton Bay to the Claxton Bay Fishing Centre, on Saturday, to protest against the planned construction of a steel mill.


Baseman everyone in here knows that the PPP supports and helps the UNC party with whatever they need from cash to helping out with mischief like phony letters etc.

Basebai look at coolie in T&T allowing themselves to be used like fools, just because "Panday outta powah" etc.

I'd bet my right hand the GOG would ONLY dream that Mittal or Essar steel would build plants in Guyana right or wrong?

Maybe, but why should they dream of that. There are two value propositions for steel plant, apart from market consumption, accessibility to the raw ore and/or accessibility to cheap and adequate power. Guyana, as you know, is not blessed with any of these natural gifts. On the contrary, TT would be better due to power, so what's the point? However, with the oil wealth, i'm sure Trini's dont see the need for such a plant. They have that luxury of choice. Eric, you can throw alot of dirt around bc Trini is oil rich, a making of nature.

quote:

Originally posted by baseman:


Baseman everyone in here knows that the PPP supports and helps the UNC party with whatever they need from cash to helping out with mischief like phony letters etc.

Basebai look at coolie in T&T allowing themselves to be used like fools, just because "Panday outta powah" etc.

I'd bet my right hand the GOG would ONLY dream that Mittal or Essar steel would build plants in Guyana right or wrong?

Maybe, but why should they dream of that. There are two value propositions for steel plant, apart from market consumption, accessibility to the raw ore and/or accessibility to cheap and adequate power. Guyana, as you know, is not blessed with any of these natural gifts. On the contrary, TT would be better due to power, so what's the point? However, with the oil wealth, i'm sure Trini's dont see the need for such a plant. They have that luxury of choice. Eric, you can throw alot of dirt around bc Trini is oil rich, a making of nature.[/QUOTE]


You are a REAL politrican bai, in a Pee Pee Pee class of his own!

This dude answer the question without REALLY answering the question.


Your credibility just went down even more.

quote:

Originally posted by Eric's_Revenge:

quote:

Originally posted by baseman:


Baseman everyone in here knows that the PPP supports and helps the UNC party with whatever they need from cash to helping out with mischief like phony letters etc.

Basebai look at coolie in T&T allowing themselves to be used like fools, just because "Panday outta powah" etc.

I'd bet my right hand the GOG would ONLY dream that Mittal or Essar steel would build plants in Guyana right or wrong?

Maybe, but why should they dream of that. There are two value propositions for steel plant, apart from market consumption, accessibility to the raw ore and/or accessibility to cheap and adequate power. Guyana, as you know, is not blessed with any of these natural gifts. On the contrary, TT would be better due to power, so what's the point? However, with the oil wealth, i'm sure Trini's dont see the need for such a plant. They have that luxury of choice. Eric, you can throw alot of dirt around bc Trini is oil rich, a making of nature.

You are a REAL politrican bai, in a Pee Pee Pee class of his own!

This dude answer the question without REALLY answering the question.


Your credibility just went down even more.

[/QUOTE]


Your question seems rooted in an illogical notion and close-ended. Sometimes simple "right" or "wrong" does not suffice. How about you celebrating the French telling Mittel "take a hike".

Things are not as "black" and "white" as you tend to pretend it to be. Could you please define the value propositions of the steel industry and ask yourself if Guyana offers any of those naturally before you go to the politics.

I dont think the PPP will classify me as one of their own.