Friday, April 11, 2008

India and Africa investment deal


Indian Prime Minister Manmohan Singh surrounded by African leaders at the India-Africa summit
Prime Minister Manmohan Singh wants to increase India's influence in Africa

Africa's top leaders have pushed for greater investment from India at the end of a two-day summit in Delhi.

Leaders from more than a dozen African countries said that food shortages and rising oil prices are leading to a major crisis in the continent.

India has pledged to spend hundreds of millions of dollars in Africa over the next five years, in return for greater access to its natural resources.

India is competing with China in securing lucrative contracts in Africa.

But many believe that it has lost a lot of ground to its regional rival.


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