The department of economics along with the centre for development economics and innovation studies (CDEIS) organised a special lecture on 'Africa's evolving economic relationship with India and China: Development for Whom?' at Punjabi University on Wednesday.
Shinder Singh Thandi, a professor at Coventry University, United Kingdom, while describing the current situation of the African continent said that after missing the decade of development in 1980s, Africa is now growing at an amazing pace and has emerged as the new market for various multi-national companies (MNC).
"Over the last decade India has become one of the major trading partners of Africa. Indo-African ties extend over a plethora of fields like energy, agriculture, IT and manufactured goods. Even though India is one of the largest trading partner of Africa, it still lags behind China and UK", he said.
Thandi claimed that China has emerged as the largest trading partner of Africa. "On the issue of aid provided to the African continent, India is leading in the field of energy, followed by agriculture. However, on the other hand China's main share of aid is directed towards economic infrastructure development," Thandi said.
He explained that the China-India-Africa relationship is based on mutual benefit and it will survive as long as all the partners benefit from this relation.
Thandi presented the second argument on this relationship which described this relationship as a means to exploit African raw materials in return for manufactured goods, which helps both China and India.
"The exact kind of relation of India, China and Africa depends on the fact on how much Africa would gain from this rise in trade and aid packages and whether Africa will be rid of hunger over the coming years and sustain without outside help," he added.