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The Surge in Indian Outbound Foreign Direct Investment to Africa: A New Form of South-South Cooperation?

In: The Rise of Indian Multinationals

Author

Listed:
  • Parthapratim Pal

    (Indian Institute of Management Calcutta)

Abstract

The emergence of the so-called Asian Drivers has been one of the most important features of the global economy in the last decade. The rise of China, in particular, and to some extent the rise of India also, have attracted significant attention in the media and literature in recent years (Kaplinsky and Messner 2008, Nayyar 2008). The growing influence of China and India has been felt particularly strongly in Africa, where these two developing countries now account for a significant amount of trade and foreign direct investment (FDI) flows. China is heavily involved in infrastructure development in Africa. Although the Indian presence in Africa is much less pervasive, India is trying to improve its economic relations with Africa. At the India-Africa Forum Summit, held in New Delhi in 2008, Indian Prime Minister Manmohan Singh said that India would invest heavily in development projects in Africa to bolster economic ties, pledging more than US$500 million for projects in Africa (Singh 2008). The Indian private corporate sector has also been investing significantly in Africa in recent years. Indian multinational enterprises (MNEs) are entering the African market both through greenfield FDI and the mergers and acquisition (M&A) route. Between 2000 and June 2009, 38 Indian MNEs completed 52 M&A transactions in Africa, amounting to around US$2.8 billion.1

Suggested Citation

  • Parthapratim Pal, 2010. "The Surge in Indian Outbound Foreign Direct Investment to Africa: A New Form of South-South Cooperation?," Palgrave Macmillan Books, in: Karl P. Sauvant & Jaya Prakash Pradhan & Ayesha Chatterjee & Brian Harley (ed.), The Rise of Indian Multinationals, chapter 9, pages 255-275, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11475-3_9
    DOI: 10.1057/9780230114753_9
    as

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