Investment bank Standard Chartered is bringing 14 African business heads to Delhi and Mumba as part of its Annual Africa Chairmen's Conference. Identifying new growth partner economies, this year's India location follows a series of target markets from last year's China.
"India-Africa trade now stands at about $57 billion and is predicted to increase to $90 billion by 2015. Indian corporates are seeking higher margin returns as their domestic market becomes more competitive - and Africa is one continent which presents such upside opportunity," said Standard Chartered's chief executive officer for African operations Diana Layfield.
She said that the South Asian nation is just as 'investment hungry' as China. She pointed out the Indian interest in Africa's mining industry. She also pointed out that Standard Chartered's Africa-India businesses have grown by 60%, which she considers as an overwhelming success.
Standard Chartered's chief executive officer for South Asia Sunil Kaushal replied, "The bank's presence spans 150 years in Africa and India, giving us unique experience and expertise to support this rapidly expanding trade and investment corridor."
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