New Delhi: India's trade with African countries is likely to touch USD 117 billion by 2020-21 on account of improved economic ties and strong business opportunities, according to a report.
Indian exports to the African continent are expected to grow to USD 70 billion by 2021-22 from USD 24 billion in 2015 -16 due to rising complementaries, the PHD Chamber of Commerce and Industry said in the report.
Imports from Africa too are likely to increase to USD 47 billion by 2021-22 from USD 27 billion in 2015-16.
"India has been able to intensify its presence in African countries through a significant line a credit worth USD 10 billion for development projects in Africa over a five-year period," PHD Chamber President Gopal Jiwarajka said.
"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.
He observed that efforts should be made to streamline trade procedures, enhance maritime connectivity and develop robust logistics infrastructure to reduce trade costs and to strengthen trade ties between India and Africa.
