India-Africa bilateral trade hits over $50b

As India sets a bilateral trade target of $90 billion with Africa by 2015 following the doubling of trade over the past four years to over $50 billion, Ecobank and EximBank India have signed an MoU to promote and finance trade investment flows between the two.

The two financial institutions say the agreement will enable them to co-operate to explore joint trade and investment opportunities in the future across the 32 countries in Middle Africa where Ecobank operates.

Ecobank has said in a press release issued June 25, 2012 and copied to ghanabusinessnews.com that the growth in bilateral trade has been accompanied by stronger investment ties, with Indian investments in Africa totaling $2.4 billion in 2008.

By Emmanuel K. Dogbevi