Dear
Reader,
Greetings. We
are all aware
that the 21st
century has
ushered in a
new economic
order in which
developing countries
have a much
bigger and active
role to play.
In fact, the
change that
began with China
in the 1980s,
picked up momentum
in India in
the 1990s and
spread then
onwards to Latin
America and
Africa. The
catalysts driving
this change
have been globalization
and economic
reforms carried
out by countries
across continents.
Globalization
and economic
reforms have
changed the
face of Africa.
In the distant
past, world
trade was dominated
by the North.
In the not-so-distant
a past, trading
between the
countries of
North and South
underlined the
global world
economic order,
the pattern
of which is
fast changing.
The undercurrent
of the change
has been South-South
economic co-operation.
The economic
rise of China
and India and
their involvement
in the development
of Africa have
been the hallmarks
of South-South
co-operation.
In the current
issue of Indo-African
Business, T.C.
Venkat Subramanian,
Chairman and
Managing Director
of Export-Import
Bank of India,
writes about
India's intensified
engagement with
Africa. The
issue also carries
an article by
P.R. Dalal,
Chief General
Manager of Exim
Bank, on the
role of India's
premier financial
institution
in extending
various Lines
Of Credit (LOCs)
to various countries
in Africa, aggregating
close to three
billion dollars
over the years.
The cover story
of the current
issue is on
the European
Union's engagement
with Africa
on various fronts,
especially infrastructure.
An EU-Africa
Summit held
in December
2007 in Lisbon,
chalked up a
joint strategy
for the overall
development
of the African
region. We carry
the report in
detail. The
issue also covers
the proceedings
of the Second
IBSA (India-Brazil
South Africa)
summit held
in Tshwane,
where several
Memoranda of
Understanding
(MoUs) were
signed. We also
carry two reports
on Indian companies'
involvement
in Africa. While
Tata Consultancy
Services (TCS),
India's leading
IT services
company, has
set up a subsidiary
in South Africa,
Mahindra and
Mahindra, the
one of country's
top automobile
firms, has launched
a range of global
class vehicles
in Ghana. The
issue also highlights
an International
Festival of
Films on Tribal
Art and Culture
(IFFTAC), to
be held shortly
at Indore in
Madhya Pradesh.
The festival,
organize by
Vanya, the state's
Department of
Tribal Welfare
is expected
to be a great
success. We
carry an interview
with O.P. Rawat,
Principal Secretary,
Department of
Tribal Welfare,
in which he
talks about
IFFTAC and related
issues.
Satya
Swaroop
Managing
Editor
satya@newmediacomm.biz
