India Africa Forum Summit
Autor: abhishekmdi • December 12, 2015 • Presentation or Speech • 621 Words (3 Pages) • 760 Views
It
was the early 1800s; Europe was at the ascending slope of its industrial revolution. Business was booming and news had come of a new part of the Globe with unfathomed opportunities. That piece of the globe was the East Indies, which turned out be a mighty source of raw-materials and a virgin market for finished goods. Fighting all odds, overcoming all hurdles, Europeans flocked to grab their share of the opportunity, which was so big, that for the next 150 years the Europeans would remain undisputed kings of commerce and industry with other nations far behind in comparison.
Today the table has turned and a new land of opportunity of equal magnitude has come up. That land is called Africa.
Africa with its wide reserve of natural resources and ever growing market for goods and services pose as the ideal destination for business and India stands fit to compete with global economic giants and harness the opportunity.
If anything seconds my wise comments, it is the 3rd annual Indo-Africa Forum summit held this year in New Delhi. With 40 African head of states attending the summit conducted on Indian soil, the 3rd IAFS show the elevated status of India among African nations.
With India surpassing China in economic growth rate and the slow-down in China’s productivity, the entire spotlight has moved on India as a viable partner in African Development. With decreasing productivity, China’s capability to buy African resources and act as a major source of aid and investment is under doubt. This gives India an immense opportunity to become a strategic buyer of African resources and turning Africa into a major market for its finished products.
With dictatorships and Military juntas on the verge of collapse and violence being exterminated rapidly, steady economic development is finding its way through the smoke all over Africa. As opportunities of employment increases across Africa, the living standards of average African nationals are also improving, creating a demand of quality goods and services in a billion strong market.
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