India and Africa bid to bolster trade to $90bn by 2015

By Bizclik Editor

Trade between India and Africa is set to increase to $90 billion by 2015, leaders at an India-Africa meeting in New Delhi have said.

Organisers of the India-Africa Forum Summit, which involves 600 African delegates and more than 500 business delegates from India, said that over 250 projects worth around $30 billion were in discussion.

Indian Commerce Secretary Anand Sharma said that achieving $90 billion worth of trade would be a significant improvement “considering the fact that a decade ago the trade was $3 billion".

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Ministers launched the India-Africa Business Council at the meeting, intended to propose ways to increase economic and commercial ties between the two countries.

The council will be co-chaired by Sunil Bharti Mittal, head of Bharti Group and Dangote Group president Aliko Dangote.

Africa has been a region of strong interest for India, which aims to reduce the amount of energy it imports from the Middle East and find alternative sources of energy.

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