Unconditional partnership with Africa |
India`s Finance and Defence Minister Arun Jaitley took an indirect swipe at China`s approach to investments in resource-rich Africa and said that India, now one of the most important investors in the continent, doesn`t believe in imposing conditions on African nations. India is already making an impact on the continent, and emerging economies like India are not only proving to be a critical source of foreign direct investment (FDI) for African nations, but also a vital export market. Indian partnership model is different... Being an emerging economy India understand that a prescriptive model of partnership does not work. Therefore, the cornerstone of Indian co-operation is voluntary partnership... demand-driven and devoid of any condition, Mr Jaitley said. India leaves it to her partners to decide what is best for them. We believe this is the most effective way of building partnerships," the finance minister said at a session on India-Africa co-operation hosted by CII in Gandhinagar in the run-up to the African Development Bank`s (AFDB) annual meeting.As per the Bank`s Economic Outlook report for 2016, India`s share in announced greenfield projects grew from 3.3% between 2003 and 2008, to 6.1% between 2009 to 2015.During the same time, China`s share fell from 4.9% to 3.2%. India is amongst the most important emerging investors in Africa.
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