The Indian response to the Covid-19 pandemic could serve as a blueprint for economic recovery for the African continent, says Cheryl Buss, CEO of Absa International
While there is a major focus on the Chinese expansion into Africa, there is often less appreciation of the importance India plays in Africa. Countries like Nigeria, Mozambique, Ghana and Tanzania all count India as their single biggest export trading partner while South Africa is India’s largest trade market on the continent.
Of the top 1,000 Indian corporates, nearly 100 have operations in Africa. These are primarily focused around pharmaceuticals, motor vehicles, and consumer goods. The importance of these bi-lateral trade relationships cannot be overstated, and we believe that this mega-trend will be a highlight of economic growth for at least the next decade.
As one of Africa’s leading pan African banking group with strong relationships with Indian corporates and institutions, we are fortunate enough to be able to engage with commercial partners across both Africa and India. We believe there is an important dynamic playing out post the Covid-19 lockdowns and the associated supply-chain disruptions, which have subsequently been exacerbated through events in Ukraine.