The Republic of the Congo has been on a steady, concerted track towards a fully developed, modernized economy. One of the main facilitators that drives Congo’s progress is international investment and cooperation. The Republic of the Congo has been promoting greater economic integration of neighboring African nations. Just last month, President Denis Sassou Nguesso hosted a number of African leaders at the first ever BUILD Africa forum in Brazzaville. Here public and private sector financial specialists discussed and planned for upcoming projects that will develop Central Africa’s infrastructure. The Congo has also worked extensively with non-African nations, most notably China. Another major Asian power, however, could play a major role in the Republic of the Congo’s march toward modernity: India.
The Republic of the Congo plans to become an emerging economy by 2025. They have so far made some real progress towards this goal. Yet there are still some major players that Congo-Brazzaville would like to engage in more closely in the realm of economics. Industry Minister Isidore Myouba addressed delegates at the 10th CII-EXIM Bank conclave on India-Africa Project Partnership, saying that “Indian companies could partner the Republic of Congo government in converting the country's comparative advantage in different sectors into competitive strengths.” The conclave began yesterday in New Delhi, with the Republic of the Congo featured as the “Focus Country.”
The spirit of the CII Conclave—CII stands for Confederation of Indian Industry—has been to encourage Indian exporters to enter and explore African countries and increase their presence in the region. Both India and Africa have much to gain from this kind of economic interrelation. Success can be seen in the rising number of participants that have attended the CII conclave over the years. Another indicator is the number of memoranda of understanding and the significant value of the economic projects under discussion. In the past 9 events, attendees discussed plans for 1,985 projects worth over $172.25 billion.
The Republic of the Congo and India have already begun working together on financial and economic matters. As Minister Mvouba pointed out in his report "Industrialisation in Africa: Role of the Indian Private Sector,” India has aided the Congo’s efforts at electrifying its vast rural areas. Work on electrification was established back in November 2011 when the Republic of the Congo signed a line of credit agreement worth $70 million. Besides electrification, India has assisted in building up urban transportation and food quality controls, not to mention crucial commercial sectors like cement and pharmaceuticals. India benefits immensely from trading with Congo-Brazzaville, importing valuable resources like metallic ores, crude oil, organic chemicals and semi-precious stones. With bilateral trade valued at roughly half a billion dollars, the economic cooperation between the Republic of the Congo and India is already fruitful, but can certainly continue to grow. In a further sign of closer relations, President Denis Sassou Nguesso will be visiting India this year.
The Republic of the Congo plans to become an emerging economy by 2025. They have so far made some real progress towards this goal. Yet there are still some major players that Congo-Brazzaville would like to engage in more closely in the realm of economics. Industry Minister Isidore Myouba addressed delegates at the 10th CII-EXIM Bank conclave on India-Africa Project Partnership, saying that “Indian companies could partner the Republic of Congo government in converting the country's comparative advantage in different sectors into competitive strengths.” The conclave began yesterday in New Delhi, with the Republic of the Congo featured as the “Focus Country.”
The spirit of the CII Conclave—CII stands for Confederation of Indian Industry—has been to encourage Indian exporters to enter and explore African countries and increase their presence in the region. Both India and Africa have much to gain from this kind of economic interrelation. Success can be seen in the rising number of participants that have attended the CII conclave over the years. Another indicator is the number of memoranda of understanding and the significant value of the economic projects under discussion. In the past 9 events, attendees discussed plans for 1,985 projects worth over $172.25 billion.
The Republic of the Congo and India have already begun working together on financial and economic matters. As Minister Mvouba pointed out in his report "Industrialisation in Africa: Role of the Indian Private Sector,” India has aided the Congo’s efforts at electrifying its vast rural areas. Work on electrification was established back in November 2011 when the Republic of the Congo signed a line of credit agreement worth $70 million. Besides electrification, India has assisted in building up urban transportation and food quality controls, not to mention crucial commercial sectors like cement and pharmaceuticals. India benefits immensely from trading with Congo-Brazzaville, importing valuable resources like metallic ores, crude oil, organic chemicals and semi-precious stones. With bilateral trade valued at roughly half a billion dollars, the economic cooperation between the Republic of the Congo and India is already fruitful, but can certainly continue to grow. In a further sign of closer relations, President Denis Sassou Nguesso will be visiting India this year.
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