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CiteEmerging-Market Resilience
Michael Spence shares his bullish outlook on emerging markets and their ability to rebound from a global growth slowdown.
Interviewer: Stephanie Hanson
June 29, 2007
China’s booming investment in Africa has provoked heated debate on the continent and around the world. But India’s growing interests in Africa have proceeded largely under-the-radar. Karen J. Monaghan, CFR national intelligence fellow and an expert on sub-Saharan Africa, discusses India's investment in Africa and how it differs from China’s approach to the continent.
India’s investment in Africa is driven by the private sector in industries including pharmaceuticals and vehicles. Private-sector businesses can’t offer the same low-interest loans or massive infrastructure projects that China extends to African countries, but Monaghan says Indian businesses offer something different. India can teach Africa a “lesson” about the “importance of entrepreneurship” for “driving and generating jobs, and generating income, and generating growth.” She also notes that “Indian companies are much more integrated into African society and the African economy.” They hire locally and emphasize training Africans on how to maintain and repair the plants they build. Monaghan characterizes the Indian government’s diplomatic relationship with Africa as that of a “reluctant suitor,” engaging in countries with a large Indian diaspora, but “less ambitious” in others, particularly West Africa. The private sector would welcome additional support, but is somewhat wary of Indian government involvement given its penchant for adding red tape and obstructing the private sector at home.
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