2023 will be remembered as a tipping point year when almost all mega-trends of finance, technology, trade, geopolitics, war and climate heating showed signs of acceleration in speed, scale and scope.
India's trade with African countries is likely to touch $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 $70 billion by 2021-22 from $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 $47 billion by 2021-22 from $27 billion in 2015-16.
"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," 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.