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You Are Here: Home » Africa/International, Second Lead » India to counter China’s influence in Africa with Pan-African Stock Exchange
India is making a move to counter what it perceives as China’s growing influence in Africa.
India is therefore, positioning itself to make a much stronger presence in the economy of Africa – and this time, the Asian country is targeting the stock exchange sector on the continent.
Indian media has reported that the National Stock Exchange (NSE) of India has been tasked to prepare a blueprint for a Pan-African stock exchange. The move is expected to help deepen India’s economic engagement with Africa, according to India finance ministry sources.
The NSE is expected to partner stock exchanges in 53 African Union (AU) countries to enable Indian companies and investors to participate in a larger equity market, the reports say.
And in addition, the NSE would be providing technical support for the proposed project.
India also sees the setting up of the stock exchange as part of its Africa initiative aimed at bolstering South-South co-operation.
And according to the reports, India is making the move to counter what it considers the growing Chinese influence in Africa.
The reports cited the Johannesburg Stock Exchange (JSE) as an example. The JSE plans to float a stock exchange that would allow investors in Ghana, Namibia, Zimbabwe and Zambia to trade.
Financial Technologies Ltd, the promoter of Multi Commodity Exchange, is also partnering some investors for a commodity exchange in Botswana.
India recently launched a Pan-African e-network project, a joint initiative with the African Union, which would connect member countries through satellite and fibre-optic cable network.
The project would also link African universities with their Indian peers. New Delhi recently extended quota-free market access to 33 Least Developed Countries under its Duty Free Tariff Preference as part of its Africa initiative.
India has been involved in business in Africa since the 1960s. The trade between India and the continent is expected to reach over $70 billion in the next five years, and it is expected to be a continuation of the growth that began in 2000-2001 when trade was $3 billion.
Meanwhile, at a CII-EXIM Bank event that took place from March 22 to 24 in New Delhi, discussions were held on multi-sector projects worth $12 billion, including a large amount of business ventures in Africa.
Indian companies have recently showed interest in the biofuel sector in Ghana. A Mumbai-based distributor of chemicals and petrochemical products, plans to cultivate jatropha to produce biofuels in the country. The project is valued at about $45 million, and the company hopes to secure 50,000 hectares of land in order to cultivate the biofuel crop.
Another unnamed Indian company is reportedly also planning to step into the Ghanaian jatropha industry. An official of the Ghana Investments Promotion Council, Director of Global and Regional Operations, Augustine Acheampong Otoo has said that the company has secured land and made an investment commitment of $40 million.
By Emmanuel K. Dogbevi