Indo-African Relationship

In: Business and Management

Submitted By deepikasingh
Words 338
Pages 2
The optimistic growth both political and economical and relatively good access to financing in the developing world in last few years contrasted with the predicament in various developed countries, led to a change in the development cooperation process at a global level. This change has changed the cooperation strategies all over the world and stimulated them to visage their policies towards SOUTH SOUTH COOPERATION. Today, many developing countries are pursuing their individual or collective development through cooperative exchanges of knowledge, skills, resources and technical know-how. Main features of South South Cooperation basically comprises of flow of Foreign Direct Investment in South South countries of the Earth, increased volume of trade, shift towards regional integration, technology transfer, sharing of know-how and other exchanges.
One of the best suited models of South South Cooperation is the trade relation between India and Africa which geared up with the surge of globalization in new millennium. India’s trade relation with African continent is as long back as in 16th century. However, with Independent India this relation stepped up in Nehru’s regime but this time it was mainly confined to the political handshake as they shared the common past that witnessed struggle against colonialism, poverty and illiteracy. The relation further grew up with various Afro Asian conferences and ITEC programme (particularly useful framework in which ICT skills transfer take place). The trade relation mainly swung after 2000-2001 where the Trade Balance is sharply in the favour of Africa. Bilateral trade was worth $1 billion in 1995. By 2008, that figure had hit $36 billion, according to the African Development Bank Group, and in 2011 it had risen to $45 billion. By 2014, bilateral trade is anticipated to climb to more than $75 billion. Within Africa, till 2000-01,…...

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