India-Africa Forum Summit (IAFS) which was held between 4th and 9th of this month in the Indian capital Delhi, India announced, the beginning of a new era by clearing a duty-free tariff preference scheme for exports from 50 least developed nations (LDC), and among them 34 were from the African continent. During the summit, India’s Premier Manmohan Singh said that India was keen on utilizing Africa’s energy resources, but visualized a partnership anchored in the fundamental principles of equality, mutual respect and mutual benefit. He further added, though India was looking forward to meet its demand in mineral resources, it did not intend to drain out the continent’s resources unscrupulously. He also emphasized that this co-operation would create win-win business opportunities and an atmosphere to assist Africa, in all its efforts in achieving economic vibrancy, peace, stability and self-reliance.
A week before the summit, Union Minister of State for Commerce Jairam Ramesh visited Angola, the third largest producer of crude in Africa and Namibia to partner in future mining activities. His visit was widely perceived as a basis for the recently held IAFS. Namibia and Angola being the fastest growing economies in the region are convinced that India would play a major role in the economic development of the region. During his visit, the Minister promised that India would be initiating several projects including setting up center for petroleum technology, power plants, rebuilding railway infrastructure, IT and financial sector.
IAFS became a stage for the Indian Premier to declare an increase in scholarships for African students by 50 per cent. The summit also witnessed India extending a line of credit (LOC) worth $2.15 billion and over the next five years, an additional $ 5.4 billion is instilled for expediting all projects in the region. The summit unanimously approved the two drafts, the Delhi Declaration and the India-Africa Framework for Co-operation. The drafts intend to consolidate the old partnership and civilizational links existed several centuries ago among both parties. Sources claimed that the summit was a grand success which was attended by and included of South African President Thabo Mbeki, President of Tanzania Jakaya Mrisho Kikwete, Ghanian President John Agyekum and Uganda’s President Yoweri Kaguta.