1 day ago
India-Africa Economic Ties Enter Reciprocal Phase, Report Says
India and African countries are trying to do more business with each other.
The relationship is becoming more balanced, with both sides investing and gaining benefits.
One example is an Indian engineering company working on a large refinery project in Kenya.
The project is planned to cost $16 billion and process 700,000 barrels of oil each day.
Africa has minerals, energy supplies and farm products that India needs.
India has technology, engineering skills and companies that can help Africa build industries.
Indian businesses may also open factories and processing plants in African countries.
This could create jobs and help African economies process more of their own resources.
Both sides hope these partnerships will make supplies more reliable and strengthen regional markets.
A report says India-Africa economic relations are moving toward deeper, reciprocal investment and industrial partnerships.
Engineers India Ltd signed a $450 million contract with Aliko Dangote for a planned refinery and petrochemical complex in Lamu, Kenya.
The $16 billion greenfield project is expected to process 700,000 barrels of crude oil per day.
Africa could supply India with critical minerals, energy resources and agricultural commodities, while gaining a long-term buyer.
Indian companies could support African industries with technology, capital and expertise while creating jobs, skills and local value addition.
- Who
- Indian companies, African economies, Engineers India Ltd, and businessman Aliko Dangote.
- What
- India and Africa are deepening reciprocal economic and industrial partnerships, including a planned refinery project in Kenya.
- Where
- Across India and Africa, with the cited refinery project planned for Lamu, Kenya.
- When
- The report describes the relationship as currently entering a new phase; no specific publication date is provided.
- Why
- To expand investment, strengthen supply chains, develop local industries, create jobs and improve access to resources, technology and regional markets.
Key facts
- Reported trend
- India-Africa economic ties are entering a more reciprocal phase.
- Contract value
- Engineers India Ltd signed a $450 million contract.
- Planned project
- A $16 billion refinery and petrochemical complex is planned in Lamu, Kenya.
- Expected capacity
- The project is expected to process 700,000 barrels of crude oil per day.
- Potential African exports
- Critical minerals, energy resources and agricultural commodities.
- Potential Indian contributions
- Technology, capital, engineering and managerial expertise.
- Potential benefits
- Employment, skills development, local value addition and more reliable supply sources.
Quotes
Modern Ghana report
The publication reporting on India-Africa economic relations
“Greater African processing and value addition can create better economic returns for African economies while giving Indian industry more diversified and reliable sources of supply.”
thehansindia.com
Sources
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