May27,2011
Dar es Salaam, Tanzania: The Kamal Group of India plans to spend 327 billion shillings ((US$213 million) on establishing a steel mill in Tanzania, according to Indian High Commissioner to the country, Kocheril Velayudhan Bhagirath.
“The facility will have the capacity to produce 700,000tpa of metal and will be the biggest in East Africa,” Bhagirath said in an interview here. “The investment is part of a package of accords being announced by Indian Prime Minister Manmohan Singh, who was scheduled to arrive in the country late yesterday for a two- day state visit.
India is boosting economic ties with Africa amid competition from China, its regional rival, whose trade with the continent totalled US$106.8 billion in 2008, according to Consultancy Africa Intelligence’s website. Trade between India and Africa currently stands at US$50 billion, according to the African Union.
“We are mainly investing in the services industry, while China specialises in infrastructure development and mining,” Bhagirath said. “We are complementing each other in African development cooperation.”
India’s financial interests in Tanzania currently total about US$1.4 billion and that amount may grow by more than US$400 million next year, including the investment by Kamal, he added.
Singh has arrived in Tanzania after attending the Africa-India summit earlier this week in Ethiopia, where he announced that India would offer a US$5 billion credit line over the next three years to help finance economic development on the continent. (sourced MiningReview)
Dar es Salaam, Tanzania: The Kamal Group of India plans to spend 327 billion shillings ((US$213 million) on establishing a steel mill in Tanzania, according to Indian High Commissioner to the country, Kocheril Velayudhan Bhagirath.
“The facility will have the capacity to produce 700,000tpa of metal and will be the biggest in East Africa,” Bhagirath said in an interview here. “The investment is part of a package of accords being announced by Indian Prime Minister Manmohan Singh, who was scheduled to arrive in the country late yesterday for a two- day state visit.
India is boosting economic ties with Africa amid competition from China, its regional rival, whose trade with the continent totalled US$106.8 billion in 2008, according to Consultancy Africa Intelligence’s website. Trade between India and Africa currently stands at US$50 billion, according to the African Union.
“We are mainly investing in the services industry, while China specialises in infrastructure development and mining,” Bhagirath said. “We are complementing each other in African development cooperation.”
India’s financial interests in Tanzania currently total about US$1.4 billion and that amount may grow by more than US$400 million next year, including the investment by Kamal, he added.
Singh has arrived in Tanzania after attending the Africa-India summit earlier this week in Ethiopia, where he announced that India would offer a US$5 billion credit line over the next three years to help finance economic development on the continent. (sourced MiningReview)
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