Both India and Africa have decided to strongly raise the bilateral trade to $90 billion by 2015 since both the sides deliberated on the potential deals.
The South Asian nation is aiming to strengthen its trade and diplomatic relations with Africa where China has made important inroads by inking various deals, developing infrastructure projects and providing soft loans.
Mr Sharma has been speaking at the first day of a three-day India-Africa meeting in the country's national capital where the organisers stated that over 250 projects worth almost $30 billion have been deliberated upon.
More than 600-African delegates have been participating in the India-Africa Forum Summit, informed by the organisers. This meeting is expected to be attended by more than 500-Indian business delegates.
India has been eyeing the African continent as it aims to diversify the energy sources and also lower the dependency on the Middle East which supplies two-thirds of its energy imports. Although Africa houses most of the globe's poorest nations, but it is richly endowed with oil, minerals and other natural resources.
Last year, both the nations had fixed a target of $70 billion trade to be achieved by 2015. The bilateral trade touched $62 billion in 2011.