“India is resources-short and growing fast, at the same time India has a great deal of financial, technical skills which are required by the resources industry here in Africa. There is a possibility of partnership to develop some of the resources in Africa,” Barclays Africa’s head of corporate finance, Hasnen Varrawalla told CNBC Africa.
Trade between India and Africa rose six per cent from 2000 to 2013 and Varrawalla indicated that the BRICS nation has assumed a bigger role on the continent in recent years.
“Trade between India and Africa has been growing very fast across recent years – it’s at around 57 billion dollars now [and] forecast to grow to about 90 billion by 2015. There’s a lot of interest across various sectors and across various spheres of activity. It’s both trade as well as investment and it’s across sectors including natural resources, telecoms, consumer, infrastructure and agriculture,” he said.
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“The opportunities in Africa are large enough for everyone. There’s a difference between what we see in the Chinese model and what we see from India. The Indian model is very much driven by the private sector, is very much private sector-led so there are differences between the two.”
He added that trade links with Kenya, Tanzania and Mozambique are quite strong at the moment because of their location on the East Coast of Africa but that the continent as a whole is going through a change which will see it continue to develop.
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“This is Africa’s decade, we’re seeing so many things change, many of the countries are growing very fast. You’re seeing increasing political stability so across the next 10 to 15 years, we expect to see a billion people across this continent taking that giant leap forward much like many other countries in the world did in the latter half of the previous century,” Varrawalla explained.