'Indo-African trade to grow by 22 pc in next two years'

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SME Times News Bureau | 27 Mar, 2010
The bilateral trade between India and Africa is likely to grow by 22 percent in next two years, according to an ASSOCHAM paper released in the capital on Friday.

"It is projected that bilateral trade between India and Africa could be around USD 55 billion in 2012 from the current levels of close to USD 45 billion," said Arun Agarwal, chairman of ASSOCHAM's Africa Committee.

The two-way trade between the two markets jumped to USD 45 billion from USD 5.2 billion in 2002-03, he said.

"It has been found that out of the projected two-way trade between India and Africa; share of agri-trade would be around USD 15 billion. In this, Punjab's share would be around USD 3 billion against present level of USD 1 billion," Agarwal said quoting the paper.

According to the paper, Africa provides perfect weather and moisture conditions for bumper crop and other agriculture related activities. And Punjab could play a key role in solving the food security challenges of many African countries.

While releasing the paper, the Minister of State for External Affairs, Preneet Kaur said India is aiming to tap opportunities in the agricultural sector in Africa.

"There are many unexplored opportunities in the agri-business sector that we are looking forward to tap," Kaur told reporters.

A delegation of ambassadors and high commissioners from several African countries such as Ethiopia, Tanzania, Uganda, Zambia and Mozambique is visiting Punjab. The delegation will attend a conference and business meeting in Patiala Saturday.

"Foundation for enhancing India-Africa relations was laid during the Africa-India Summit that was organized by the government of India in 2008. Since then we have improved the bilateral relations manifold," the minister said.

"This delegation has come here to promote just one part of the relations that is agriculture," she said.

Ethiopia's ambassador to India Gennet Zewide said: "We need investment in various sectors of agriculture like in irrigation, storage, transport infrastructure, raw material and various other inputs. By providing us its expertise India is also getting a readymade market".

"So far response from Punjabi farmers is very good as they have bought thousands of acres of land in Ethiopia. Besides they have invested in the fields of mining, construction, floriculture and textiles," said Zewide.