India starts trade talks with African countries in effort to rival China

Source: The Guardian

India's prime minister and dozens of business leaders began trade talks in Ethiopia on Monday as the Asian giant strives to catch up with China in what has been dubbed "the new scramble for Africa".

Manmohan Singh received a red-carpet welcome as he led a delegation to the India-Africa summit in Addis Ababa, aiming to trumpet historical and cultural links with the continent in an effort to emerge from Beijing's shadow.

"The India-Africa partnership rests on three pillars of capacity building and skill transfer, trade and infrastructure development," said Singh at the start of the six-day trip to Ethiopia and Tanzania. "Africa is emerging as a new growth pole of the world, while India is on a path of sustained and rapid economic development." The trade meeting is to be attended by 15 African leaders. On its fringes was an India show comprising business seminars, cultural projects and a trade exhibition.

Bilateral India-Africa trade has grown from about £620m in 2001 to £28.5bn in 2010. India's commerce and industry minister, Anand Sharma, hopes it will reach £43bn by 2012. Some 250 Indian companies have invested, mainly in telecommunications and chemical and mining companies.

Read more: http://www.guardian.co.uk/world/2011/may/23/india-trade-talks-africa-china