India-Africa bilateral trade hits $53b, expected to double by 2015

Bilateral trade between India and Africa is said to have reached $53 billion in 2010-11 from $25 billion in 2006-07, according to the Federation of Indian Chambers of Commerce and Industry (FICCI).

The growth was pushed by the rise in both exports to and imports from the African region.

This was made known by Rajiv Kumar, Secretary-General of FICCI in a speech during a two- day ‘India-Africa Business Partnership Summit’ which ended October 13, 2011 in Hyderabad, India.

“Bilateral trade has more than doubled from US$ 25 billion in 2006-07 to US$ 53.3 billion in 2010-11. We expect faster growth and double the current figure in the next five years,” Rajiv Kumar was cited  by the Economic Times of India to have said.

Kumar said growth would be primarily from the transport, equipment, services, healthcare and agriculture sectors, according to the publication.

The Business Standard of India publication also reports that Indian exports to Africa had risen from $10.3 billion in 2006-07 to $21.1 billion in 2010-11, primarily due to an increase in exports of transport equipment and petroleum products.

By Ekow Quandzie