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Dangote Urges India to Mimic China's Africa Investment Model
26 Nov
Summary
- Africa's richest man advises India to emulate China's investment approach.
- He calls for increased Indian investment and stronger export credit support.
- Government backing and insurance guarantees are key to business expansion.
Aliko Dangote, Africa's richest individual, has called upon India to adopt the investment strategies employed by China on the African continent. He specifically advocates for New Delhi to escalate its investments and bolster export credit facilities, thereby enabling African enterprises to achieve greater business expansion.
Dangote pointed out that while Indian investments in Africa exist, there is a significant need for more. He stressed that government support, particularly in export credit, is a critical factor that would strengthen the India-Africa partnership. He noted that China's approach, often backed by entities like SINOSURE providing insurance guarantees, has been instrumental in the success and scale of Chinese businesses in Africa.
Comparing the two nations' strategies, Dangote suggested that India could learn from China's model to enhance its business dealings with Africa. He identified solar energy, cement, and pharmaceuticals as high-potential sectors for Indian investment, acknowledging the competitive nature of the solar market but emphasizing the broader opportunities available through collaborative trade visits and strategic governmental support.
