India and Africa trade will reach $90 billion By 2015
Tag: Africa, Africa trade
Summary: Sharma also announced that India will also set up an integrated textiles cluster in Africa, which is likely to attract investments of around $350 million and provide employment to 60,000 people.
Sharma also announced that India will also set up an integrated textiles cluster in Africa, which is likely to attract investments of around $350 million and provide employment to 60,000 people.
India and Africa will work on increasing the bilateral trade to $90 billion by 2015 with the two sides having already achieved the earlier target of $70 billion.
“This is a significant improvement, considering the fact that a decade ago the trade was $3 billion. Given the current growth rate, we have agreed to revise the trade target to $90 billion by 2015,” Commerce Minister Anand Sharma said at the ongoing second India-Africa Business Council meet.
The India-Africa Business Council, which was co-chaired by Bharti Group chairman Sunil Bharti Mittal and Dangote Group President Alhaji Aliko, has also been launched that will suggest the way forward on enhancing economic and commercial relations between India and Africa.
The cluster is expected to be established within 2-3 years and have vertically integrated production facilities with state-of-the-art infrastructure.
Sharma and the African trade and industry ministers are on visit to New Delhi for the second meeting of the India-Africa Trade Ministers till March 21.