Wednesday, June 27, 2012

India and China in Africa

According to the World Bank, Indian and Chinese foreign direct investment in Africa has grown dramatically. To date, China has been the largest single investor, aid-giver and trade partner on the continent, with 127 billion dollars in resource extraction and infrastructure deals in 2010. Only a very small component of Chinese investment in Africa creates jobs. India has much less financial muscle than China, but its influence in Africa is on a rapid rise. It currently accounts for 46 billion dollars in trade deals on the continent and has announced it will invest 70 billion dollars by 2015. India has invested in buying off agricultural land to fight food price inflation in its own country. India doesn't have better labour standards than China. Exploitation, corruption and bribery are rife in IndiaExports from Africa to Asia tripled in the last five years, to 27 percent of total Asian imports, according to 2010 World Bank data.


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