According to this article from the Economic Times of India, The National Stock Exchange of India (NSE) has been asked to prepare a blueprint for a pan-African stock exchange.
This is a very clever, interesting method for India to extend its influence and presence in the Africa, especially as it sees China's influence rising rapidly.
Deepshikha Sikarwar of the Economic Times writes:
"Helping set up the stock exchange is part of New Delhi’s Africa initiative aimed at bolstering South-South co-operation. India also wants to counter the growing Chinese influence in the continent."
The NSE may partner up with stock markets in 53 African countries with the goal of enabling local companies in limited markets participate in larger financial markets, giving companies access to previously unavailable capital.
It would also allow African investors to park their capital in more places on their own continent. A good thing to have happen if you hope to spur internal growth by having locals invest in their own economies--the stock market offers a way to do this.
India has already ventured into Africa with similar continent wide plans, recently launching a Pan African e-network project. A joint initiative with members of the African Union to help connect member countries through satellite and fibre-optic cable networks. The project also links African universities with their peers in India.
Information exchange is key people... Absolutely key.
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