New Delhi, July 23: Africa is a developing market for traders from all over the world. From defense to trade, Africa and India have always bonded well. This year for first time India hosted African Development Bank’s annual summit. Indicating stronger relation, a study has reported that India’s trade with African countries is likely to touch $117 billion by 2020-21. Stronger economic ties and strong business opportunities will pave the way.
“India has been able to intensify its presence in African countries through a significant line a credit worth $10 billion for development projects in Africa over a five-year period,” Ph.D. Chamber President Gopal Jiwarajka said.
In 2015-16 fiscal year, Indian exports to Africa were $24 billion. This is expected to grow to $70 billion by 2021-22. Imports from Africa too are likely to increase to $47 billion by 2021-22 from $27 billion in 2015-16.
“With consistent expansion in trade, diversification and widening of products should also be focused on while trading with African nations in the coming years,” he added.