India aims to double its trade with Africa by 2030, focusing on economic integration, as discussed at the India-Africa Business Conclave organised by the Confederation of Indian Industry (CII) in New Delhi on 22 August.

Sunil Barthwal, commerce secretary, said, “The sectors identified by the African Continental Free Trade Area area, namely, automobiles, agriculture, pharmaceuticals and logistics, have huge potential for collaboration in terms of trade, investment, technology empowerment and capacity building between Africa and India.”

Sunil added that given the current growth and opportunities, both the countries are well in line to double trade to around $200 million by 2030. 

The India-Africa trade has reached its highest level to $100 million in 2022-23, but dipped in the previous fiscal year 2023-24.

Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said, “Trade is growing, but this number game is misleading. The binary relationship needs to be seen from a larger context. India-Africa economic integration is vital.”

Tired of missing hot stocks? Unicorn Signals provides powerful tools like stock scans and more help you make informed trading decisions. Download now and take control of your portfolio!