Powerhouse India is poised to become a key brick in Africa’s trade construction
Jim O’Neill coined the term “Brics” in 2001 but, as he reiterated at the recent Discovery leadership summit, it has become more about the “ICs” in the past decade. Global growth averaging 3.4% per annum in the current decade has in large part been driven by China, where growth itself has averaged 8%. Less talked about, but also a significant driver of global economic activity, has been India, which has grown by close to 7.5% per annum. In the decade 2020-2030 India has the potential to expand faster than China, increasing its global influence even further. And if India can grow while also improving productivity, O’Neill suggests it could have the same influence on the global economy in the next 15 years as China has had over the past 25-30 years. With India’s economy growing, so too have the trade and investment flows between India and Africa. India’s annual bilateral trade with Africa reached a peak of about $73bn in 2014, according to the International Trade Centre. Subsequent ste...
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