India, Africa trade to boost trade upto $90b by 2015

India, Africa trade to boost trade upto $90b by 2015

Indian-African joint trade is projected to go up to $90 billion by 2015. India-Africa bilateral trade has reached US $ 60 bn. in the year 2011. The Meeting of the India-Africa Trade Ministers was co-chaired by Dr. Maxwell M. Mkwezalamba, Commissioner for Economic Affairs, African Union Commission, and Anand Sharma, Union Minister of Commerce, Industry and Textiles of India. The Ministers launched the First India-Africa Business Council (IABC).

The Union Commerce, Industry and Textiles Minister, Mr Anand Sharma said: “A 20-fold growth within a decade is indeed an achievement worth applauding. I propose that given the current growth rate, we may agree to revise the trade target to $90 billion by 2015.” The council will propose the way forward on attractive economic and commercial relations between India and Africa and also spot and address issues which hinder growth of economic partnership between India and Africa. The proposed incorporated clusters are likely to garner investments of $350 million and generate employment for 60,000 textile workers.

It also announced the launch of the Cotton Technical Assistance Programme in the C-4 countries Malawi, Nigeria and Uganda. During the 7th edition of the Conclave, 200 projects worth $18 billion were discussed. One of the highlight of this years is that it will see over 250 projects worth close to 30 Billion USD of projects being discussed.