The acceleration of South-South trade and investment is one of the most significant features of recent developments in the global economy, and the explosion of African-Asian trade and investment – especially China and India’s newfound interest in trade and investment with Africa – is a striking hallmark of the new trend in South-South commercial relations.
This phenomenon was analyzed by World Bank Economic Adviser, Harry G. Broadman, in a new study titled Africa’s Silk Road: China and India’s New Economic Frontier. The author is presenting the study on Thursday 7 December 2006 in a conference to be held at the African Development Bank in Tunis.
Chinese and Indian firms are increasingly doing business in Sub-Saharan Africa, and their interest in the continent extends well beyond a hunt for natural resources, the World Bank study says.
Exports from Africa to Asia tripled in the last five years, making Asia Africa's third largest trading partner (27 percent) after the European Union (32 percent) and the United States (29 percent), according to Africa's Silk Road: China and India's New Economic Frontier.