What drives Indian Non-SOE FDI into Africa?

Abstract

This paper puts FDI received by Africa from Indian enterprises that are not owned by State owned enterprises (non-SOE) under the empirical lens, placing it within a broader mandate of increasing Indo-African relations beyond trade. The use of international business literature for a qualitative regression analysis using panel data for 2008-18 shines a light on the host country factors that drive FDI to Africa. These include country alliances, GDP and net overseas development assistance of host African countries. This analysis contributes to the sparse literature on African FDI inflows from developing countries like India. It also pioneers the distinction between Indian SOEs and non-SOEs in an empirical analysis.