India is hosting its biggest-ever Africa summit this week. As Tim Graham reports the Asian giant is seeking to challenge China’s dominance on a continent that is blessed with vast natural resources and has the world’s fastest-growing population.
India looks to seize on China slowdown
Turning on the charm in New Delhi, as brand India dares to dream big.
It’s a bold “hello” from the world’s fastest-growing major economy,
which has its sights firmly set on challenging China,
and is making a big pitch this week, as host of the biggest-ever India-Africa summit.
Matthew Beesley is from Henderson Global Investors.
(SOUNDBITE) (English) HEAD OF GLOBAL EQUITIES, HENDERSON GLOBAL INVESTORS, MATTHEW BEESLEY, SAYING:
“India is an economy that we’ve been increasingly constructively disposed towards over recent months, noting obviously the ongoing political reform agenda but also the likely benefits – we’d have thought – from lower commodity prices.”
India’s chief salesman is Prime Minister, Narendra Modi.
He’s keen to capitalise on China’s economic slowdown,
to highlight his country as an alternative for trade and investment.
Tech giants also see huge potential…
as Facebook’s chief executive Mark Zuckerberg told an audience in New Delhi this week.
(SOUNDBITE) (English) FACEBOOK CEO, MARK ZUCKERBERG, SAYING:
“If you really have a mission of connecting every person in the world you can’t do that without helping to connect everyone in India.”
When it comes to manufacturing, India still has a major battle to fight.
Heading into Diwali in the industrial city of Kanpur,
the majority of products on sale are still overwhelmingly made in China.
Gopal Tiwari heads the Kanpur Electricity Assocation.
(SOUNDBITE) (Hindi) CHAIRPERSON, KANPUR ELECTRICITY ASSOCIATION, GOPAL TIWARI, SAYING:
“Our Prime Minister is making a pitch for ‘Made in India’. He is inviting Indians living abroad to come and invest in the country. But with Indian markets filled with Chinese products it seems they have taken over.”
Germany also still sees value in China.
The chancellor Angela Merkel in Beijing to sign several commercial agreements this week.
A sure sign of ongoing goodwill, despite those dark clouds.