The bilateral trade between India and Africa is expected to cross $100 billion mark in coming two years, owing to improvement in the business environment in India and better connectivity across the African continent.
The bilateral trade between India and the African nations was recorded around $57 billion in 2015-16.
From India’s perspective, Africa has lucrative business opportunities for micro, small and medium enterprises (MSMEs) from India across diverse sectors such as FMCG (fast moving consumer goods), mining and minerals, telecommunications, construction and others.
India on it’s part has been attracting business leaders and investors from across the globe since the government has been able to create a conducive business environment which is aimed at inclusive growth. Government sources claim that due to the various reforms introduced by the Centre recently that even global rating agencies and noted economists have impressed upon India as a very 'safe and strong' investment destination.
China has been a big investor in Africa and makes up a large percentage of the trade. India is looking to step up to counter the Chinese influence and create a secondary trade destination. India is looking to create an environment which is both long term and mutually beneficial for all the involved parties.