India and Africa have set a target to take two-way commerce to $70 billion by 2015 on the back of increasing economic engagement between the two sides.

Currently, bilateral trade between India and Africa stands at about $45 billion.

"We have set for ourself a target of $70 billion by 2015 and I am sure that we will be able to achieve it," Commerce and Industry Minister Anand Sharma said at CII's India-Africa conclave in New Delhi.

He said huge potential is available for businessmen of both India and Africa.

In the presence of the minister, EXIM Bank has entered into an agreement on a project basis with Tanzania and Mozambique to provide lines of credit worth $36 million and $20 million, respectively.

Speaking on the occasion, Mozambique Prime Minister Aires Bonifacio Ali invited Indian businesses to invest in Africa.

"Indian multinational companies, small and medium enterprises and individuals are already investing in Africa, and the results are encouraging. Indeed, we would like to reiterate our warm invitation to all Indian business people to make huge investments in Africa and join our efforts geared to boost and diversify our economies, thus contributing to African development," Ali said.

Over 650 participants from more than 36 African nations, including the Prime Ministers of Mozambique and Togo, the Deputy Prime Minister of Somalia and ministers from over 19 African countries, are taking part in the conclave.