Indian exports to the African continent are forecast to rise to USD 70 billion by 2021-22 from USD 24 billion in 2015-16 due to increasing complementarities, the PHD Chamber of Commerce and Industry said in the study. India's trade with African countries is expected to cross USD 117 billion by 2020-21 due to strengthened economic relations and strong market opportunities, according to the study.
Imports from Africa too are likely to grow from USD 27 billion in 2015-16 to USD 47 billion by 2021-22.
India has been able to strengthen its position in African countries by offering USD 10 billion in credit for construction projects in Africa over a five-year timeframe, said PHD Chamber President Gopal Jiwarajka. Consistently expanding trade, diversification and commodity extension could also concentrate on trading with African nations in the coming years, he said.
He noted that efforts should be made to streamline business processes, improve maritime connectivity and develop robust logistics infrastructure to cut trade costs and boost trade relations between India and Africa.