Economic Ties Between India and Ivory Coast
The burgeoning economic and commercial relations between India and Ivory Coast mark a significant development in both countries' strategies for mutual growth and collaboration. According to the Indian ambassador to Ivory Coast, India intends to invest $1 billion into developing oil and mining projects over the next five years. This initiative is a part of India’s broader strategy to secure energy resources and diversify its investment portfolio across Africa. Over the last decade, Indian Foreign Direct Investment (FDI) has surpassed $10 billion, signaling India's growing involvement in global economic affairs. The focus on Ivory Coast, particularly in the domains of hydrocarbon exploration and diamond mining, is critical for India's energy security strategy, as the country seeks to capitalize on the region's rich resources.
Ivory Coast's oil production capabilities, which currently exceed 60,000 barrels per day, serve as an attractive prospect for Indian investors. Notably, India’s Oil and Natural Gas Corporation (ONGC) has already laid its footprint with a $12 million investment to explore an offshore block, currently undergoing drilling operations. Additionally, the Indian government is facilitating the establishment of an IT and Technology Park in Abidjan, named after Mahatma Gandhi, which aims to bolster technological exchange and innovation within the region. With efforts spearheaded by India's Minister of State for Commerce, Jairam Ramesh, both nations are actively participating in sectors such as pharmaceuticals, transport, water supply, and telecommunications, reflecting a multifaceted approach to their partnership.
In a bid to establish a "strategic partnership," the two nations are also focused on enhancing diamond mining capabilities. This collaborative effort could generate substantial employment opportunities for the local workforce while simultaneously improving the overall economic landscape of Ivory Coast. Further demonstrating commitment, India's Tata Steel has entered into a joint venture with SODEMI, the Ivorian state-owned company, to develop the Mount Nimba iron ore deposits, which are among the largest in Africa, spanning across Liberia, Guinea, and Ivory Coast.
As Ivory Coast continues to assert its status as the economic powerhouse of French West Africa, India seeks to further invest by opening new factories and leveraging the nation's vast mineral resources—including bauxite, limestone, iron ore, manganese, nickel, gold, and diamonds—which remain under-explored. The Ivorian business community views India’s involvement as an opportunity to bolster democratic values and stability through economic development. Additionally, India's historical role in contributing troops to the UN peacekeeping mission in Ivory Coast underscores its long-standing commitment to peace and stability in the region, affirming a partnership that extends beyond mere economic interests.
India's Economic Diplomacy in Africa
In a strategic move to enhance its economic influence in Africa, India initiated the Techno-Economic Approach for Africa–India Movement (TEAM–9) in 2004. This initiative was developed in partnership with eight West African countries, rich in energy and resources, including Ivory Coast, Senegal, Mali, Guinea-Bissau, Ghana, and Burkina Faso. The primary goal of TEAM–9 is to engage with these underdeveloped nations by providing them with low-cost technological solutions and investments aimed at developing their infrastructure. India's aim is not just to tap into the energy wealth of these nations but also to assist in improving the efficiency of their energy management systems, specifically in Ivory Coast.
The growing interest in India's engagement with African nations can be seen through various educational initiatives. Ambassador Shamma Jain points out the increasing demand for courses offered through the Indian Technical and Economic Cooperation (ITEC) and the Special Commonwealth Assistance for Africa Programme (SCAAP). These programs cover key areas such as information technology, rural credit systems, small- and medium-sized enterprises, women's entrepreneurship, and quality control. This educational outreach has fostered a "constituency of interest" within Africa that is keen to develop ties with India.
The effectiveness of this diplomatic approach was exemplified in August 2006 when Ivorian Foreign Minister Youssouf Bakayoko led a substantial delegation of 110 top entrepreneurs and government ministers to New Delhi. During the Indo-Ivorian trade commission meeting, attendees drafted numerous agreements to be formalized later in the year, signaling the intent to deepen trade relations and strategic partnerships.
Moreover, India's commitment to strengthening its relationship with Ivory Coast was evident during Indian Minister of State for External Affairs Anand Sharma's visit in January 2009. Accompanied by Ambassador Shamma Jain and a high-level delegation, Sharma engaged with President Laurent Gbagbo on various pressing issues, including United Nations reforms and global financial infrastructure. Notably, during this meeting, Ivory Coast not only condemned the 2008 Mumbai attacks but also expressed solidarity with India in its fight against terrorism. President Gbagbo publicly praised India's leadership and expressed gratitude for the shared expertise and development experiences that India was willing to offer African nations. This diplomatic effort was recognized when President Gbagbo awarded Sharma the Commander of the National Order, the highest civilian accolade in Ivory Coast, affirming the strong ties and mutual respect between the two nations.
India's evolving economic diplomacy in Africa showcases its commitment to collaboration and development, emphasizing the importance of mutual growth and support in a globalized economy.