A top government official was recently noted saying that tremendous potential exists in India-Africa trade, which currently stands at USD 63 billion, in areas including mining, construction and goods and services.
The combined gross domestic product of India and Africa is 5 per cent of the global economy and 8 per cent of the world trade, Commerce Secretary Anup Wadhawan said.
"We need to work together to achieve the full potential, which is enormous," he asserted at the India-Africa Strategic Economic Cooperation meet.
He also mentioned that all ingredients -- natural resources, technology, skilled manpower, entrepreneurship and financing -- are there to increase economic cooperation between the two regions.
India mainly exports engineering, pharmaceuticals and electronic products to Africa and imports diamonds and various natural resources.
"There is a potential to go beyond these traditional products," Wadhawan said adding that there exists much more scope in areas including mining, engineering and electronics.
Services and investments are other areas where "we can increase cooperation," he said.
The secretary said Indian companies can explore investments in sectors like mining, energy and IT.