World

India says Africa is bright spot in global economy, woos it with technology and credit

  • Rwanda's Prime Minister Anastase Murekezi arrives for the India Africa Forum Summit (IAFS) in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi for a summit to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)

    Rwanda's Prime Minister Anastase Murekezi arrives for the India Africa Forum Summit (IAFS) in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi for a summit to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)  (The Associated Press)

  • Egyptian President Abdel Fattah Al Sisi speaks during the India Africa Forum Summit in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi to attend the IAFS 2015, preceded by meetings of trade and foreign ministers from nearly all 54 African nations, to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)

    Egyptian President Abdel Fattah Al Sisi speaks during the India Africa Forum Summit in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi to attend the IAFS 2015, preceded by meetings of trade and foreign ministers from nearly all 54 African nations, to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)  (The Associated Press)

  • Indian Prime Minister Narendra Modi, third right, talks to African Union Commission chairperson Nkosazana Dlamini-Zuma, as other African leaders interact after a group photograph at the India Africa Forum Summit in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi to attend the IAFS 2015, preceded by meetings of trade and foreign ministers from nearly all 54 African nations, to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)

    Indian Prime Minister Narendra Modi, third right, talks to African Union Commission chairperson Nkosazana Dlamini-Zuma, as other African leaders interact after a group photograph at the India Africa Forum Summit in New Delhi, India, Thursday, Oct. 29, 2015. More than 40 African leaders are in New Delhi to attend the IAFS 2015, preceded by meetings of trade and foreign ministers from nearly all 54 African nations, to explore how Indian investment and technology can help a resurgent Africa face its development challenges. (AP Photo/Manish Swarup)  (The Associated Press)

More than 40 African leaders have begun a summit with host Prime Minister Narendra Modi, who described India and Africa as two bright spots of hope and opportunity in the global economy.

As Modi opened the meeting in New Delhi on Thursday, he said Africa is now more settled and stable and "its initiatives are replacing old fault lines with new bridges of reforms and economic integration."

Modi said India's trade with Africa has topped $70 billion and that the continent was a major destination for Indian business investment.

In exchange, India hopes for a share of Africa's vast natural resources to power its own growth. It also wants to ensure it is not completely overshadowed on the continent by its rival, China, which been investing heavily in Africa.