Africa India Bilateral Trade

South African President Cyril Ramaphosa was the chief guest at the Republic Day parade in New Delhi on January 26

The bilateral trade between India and Africa is set to touch $ 100 billion (roughly Rs 6,50,000 crore) in next two years, said Akinwumi A. Adesina, President, African Development Bank (AfDB). The development bank will holding its five day annual meetings of the group at Mahatma Mandir in Gandhinagar from May 22, 2017 onwards. Commenting on the bilateral trade, Adesina said, "In 2005-06 the total bilateral trade between India and Africal stood at US $ 11.7 billion, which has reached to US $ 56.9 billion by 2015-16. Now we expect the bilateral trade to exceed US $ 100 billion in the next two years, helped by Prime Minister Narendra Modi's push for India-Africa partnership."Among the sectors, AfDB expects power, especially solar, apart from pharma, ICT and services sectors to contribute to the growth of bilateral trade to $100 billion in two years. Further, AfDB, which is investing into infrastructure to connect landlocked countries in the African continent to coastal regions, expects ..