India-Africa trade to reach $117bn by 2020-21: Report
The Dollar Business Bureau
India’s trade with African nations is expected to reach $117 billion by 2020-21 in the wake of improved economic relations and strong business opportunities, as per a report.
From $24 billion in 2015-16, India’s exports to the African countries are likely to touch $70 billion by 2021-22, on account of rising complementaries, said industry body PHD Chamber of Commerce and Industry (PHDCCI) in a report.
Imports from the African continent are also likely to rise to $47 billion in the next five years from $27 billion in 2015-16, the report said.
PHD Chamber President Gopal Jiwarajka said, “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.”
“With continuous expansion in trade, widening and diversification of products should be aimed at while doing trade with African countries over the coming years,” he added.
Jiwarajka observed that there is a need to make efforts to streamline trade processes, improve maritime connectivity and create strong logistics infrastructure to cut trade costs and to bolster trade relations between India and Africa.