Commercial and Economic Relations
India's commitment to strengthening its commercial and economic ties with Ivory Coast is reflected in the ambitious plan to invest $1 billion in various projects, particularly in the oil and mining sectors, over the next five years. This investment is part of a broader trend, as India has announced more than $10 billion in foreign direct investment (FDI) worldwide over the past decade. With the increasing global energy demand, India recognizes Ivory Coast’s strategic position as a key source of hydrocarbons and diamonds, essential for India's energy security and resource diversification.
The Gulf of Guinea, a rich area known for its substantial oil reserves, is a focal point for India's energy strategy in Africa. Currently, oil production in Ivory Coast exceeds 60,000 barrels per day. Indian multinational ONGC has already taken steps in this direction, committing $12 million to explore a promising offshore block where drilling activities are underway. This investment marks a significant milestone in India's efforts to secure reliable energy sources outside its borders and enhance its energy independence.
Beyond hydrocarbons, India is fostering technological cooperation in Ivory Coast through the establishment of an IT-cum-Technology Park in Abidjan, named after Mahatma Gandhi. This initiative highlights the commitment to not only bolster economic ties but also facilitate skill development and technology transfer. Moreover, India’s Minister of State for Commerce has indicated that the collaboration extends beyond energy and technology, encompassing sectors such as pharmaceuticals, transportation, water supply, and telecommunications. This diversified approach aims to build a resilient and multifaceted partnership between the two nations.
The potential for growth in the diamond sector has also caught India's attention. The Indian Commerce Minister's remarks at the second Indo-Ivory Coast Joint Trade Commission underscored India's intention to establish a strategic partnership focused on the development of diamond mining, cutting, and polishing industries. This venture holds the promise of creating jobs and enhancing local skills, thereby supporting the economic development of the Ivorian population.
Further solidifying this partnership, India's Tata Steel has entered into a joint venture agreement with SODEMI, the state-owned company in Ivory Coast, to develop the Mount Nimba iron ore deposits—one of Africa's largest mineral reserves, straddling Liberia, Guinea, and Ivory Coast. The Ivorian government, led by Minister of Mines, Energy and Petroleum Monnet Leon, is actively encouraging Indian investment in its abundant yet under-explored mineral resources, which include bauxite, limestone, iron ore, manganese, nickel, gold, and diamonds.
As Ivory Coast maintains its status as the economic powerhouse of French West Africa, the country presents numerous opportunities for Indian industries. The Ivorian business community expresses optimism that India's engagement will not only bolster economic growth but also assist in fortifying democratic processes within their nation. Additionally, India has contributed significantly to stability in the region as one of the largest troop contributors to the UN peacekeeping mission in Ivory Coast, demonstrating its commitment to fostering peace and development in the country. Through these multifaceted partnerships, India and Ivory Coast are paving the way for a mutually beneficial relationship that holds great promise for the future.
India's Strategic Initiative in West Africa
In 2004, India embarked on a significant diplomatic and economic outreach in Africa through the Techno-Economic Approach for Africa–India Movement (TEAM–9). This initiative aimed to collaborate with eight energy- and resource-rich nations in West Africa, including Ivory Coast, Senegal, Mali, Guinea-Bissau, Ghana, and Burkina Faso. The goal of TEAM–9 was to enhance India's economic footprint in the region by providing low-cost technological solutions and investment opportunities to help these nations develop their much-needed infrastructure. India's involvement in Ivory Coast, in particular, reflects its desire to assist the country in optimizing its energy resources for sustainable development.
The diplomatic ties between India and Ivory Coast have grown stronger over the years, facilitated by various programs aimed at skill enhancement and entrepreneurship. Ambassador Shamma Jain emphasizes the increasing demand for training courses under India's ITEC (Indian Technical and Economic Cooperation) and SCAAP (Special Commonwealth Assistance for Africa Programme) frameworks. These courses focus on areas such as information technology, rural credit, small- and medium-scale industries, women's entrepreneurship, and quality control. This growing educational and professional collaboration has fostered a 'constituency of interest' within Ivory Coast, generating a mutual appreciation for India's expertise and capabilities.
The engagement between the two nations was highlighted during a pivotal visit in August 2006 when Ivorian Foreign Minister Youssouf Bakayoko led a substantial 110-member delegation to New Delhi. This delegation consisted of prominent Ivorian entrepreneurs and government officials who participated in the Indo-Ivorian trade commission meeting, resulting in the drafting of several agreements to strengthen bilateral relations. These efforts exemplified the commitment of both countries to enhance trade and investment ties.
In January 2009, the strengthened ties were further underscored when Ivory Coast honored India's Minister of State for External Affairs, Anand Sharma, with its highest distinction. Sharma's visit conveyed a host of critical topics between Indian diplomats and Ivorian President Laurent Gbagbo, including UN reforms, global financial infrastructure, and anti-terrorism initiatives. Amidst the backdrop of the tragic 2008 Mumbai attacks, Ivory Coast articulated its strong condemnation of terrorism and expressed solidarity with India, indicating a shared commitment to combating global security challenges.
As a testament to the burgeoning relationship, President Gbagbo awarded the Commander of the National Order, the highest civilian honor in Ivory Coast, to the Indian Foreign Minister, acknowledging his instrumental role in fortifying the partnership between India and Ivory Coast. This recognition not only reflects the diplomatic goodwill that has defined their relationship but also indicates the potential for future collaboration and mutual growth in addressing regional challenges through shared knowledge and resources.