The trade between India and Africa has a huge potential, which currently stands at USD 63 billion. It includes mining, goods, and services told by a top government official.
The combined GDP of India and Africa is five percent of the global economy, and eight percent of world trade said by Commerce Secretary, Anup Wadhawan.
Stressing the importance of bilateral trade between India and Africa, he said that two parties need to work together to achieve the full potential, which is enormous.
He also said that everything is available such as skilled manpower, natural resources, financing, technology, and entrepreneurship to increase the economic cooperation between the countries.
India imports diamonds and natural resources, whereas it exports pharmaceuticals, electrical products, and engineering to the African countries.
There is a potential of exchanging more in engineering, mining, electronics than traditional products.
Adding to the points, he stated that there is potential in investment and service sectors such as IT, Energy, where cooperation between the countries can be increased.