India's trade with African countries is likely to touch $117 billion by 2020-21: study
India's trade with African countries is likely to touch $117 billion by 2021 on account of improved economic ties and strong business opportunities.
New Delhi: India's trade with African countries is likely to touch $117 billion by 2020-21 on account of improved economic ties and strong business opportunities, according to a report.
Indian exports to the African continent are expected to grow to $70 billion by 2021-22 from $ 24 billion in 2015 -16 due to rising complementaries, the PHD Chamber of commerce and industry said in the report.
Imports from Africa too are likely to increase to $ 47 billion by 2021-22 from $ 27 billion in 2015-16.
"India has been able to intensify its presence in African countries through a significant line a credit worth $10 billion for development projects in Africa over a five-year period," PHD Chamber President Gopal Jiwarajka said.
"With consistent expansion in trade, diversification and widening of products should also be focused on while trading with African nations in the coming years," he added.
He observed that efforts should be made to streamline trade procedures, enhance maritime connectivity and develop robust logistics infrastructure to reduce trade costs and to strengthen trade ties between India and Africa.
South Africa captain Temba Bavuma said they played 'close to a perfect game'.
Expectations will be high from the likes of Harnoor Singh, Rajvardhan Hangargekar, skipper Yash Dhull and Ravi Kumar, who have already shown glimpses of their potential in tournaments leading into the World Cup.
Dunith Wellalage took three wickets as Sri Lanka restricted the hosts to 250 before Sadisha Rajapaksa (76) Anjala Bandara (40) and Ranuda Somarathna's unbeaten 28 guided the Group D winners to a three-wicket success on Friday