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Huge potential exists in India-Africa trade: Commerce Secy

Press Trust of India  |  New Delhi 

Huge potential exists in India-trade, which currently stood at USD 63 billion, in areas including and goods and services, a top said Wednesday.

Commerce said the combined of and is 5 per cent of the global economy and 8 per cent of the world trade.

"We need to work together to achieve the full potential, which is enormous," he said here at the India-Strategic Economic Cooperation meet.

He also said all ingredients -- natural resources, skilled manpower, technology, financing and entrepreneurship -- are there to increase economic cooperation between the two regions.

mainly exports pharmaceuticals, engineering and to Africa and imports natural resources and diamonds.

There is a potential to go beyond these traditional products, Wadhawan said adding that much more scope is there in areas including engineering, and

Services and investments are other areas where "we can increase cooperation," he said.

The said Indian and African companies can explore investments in sectors like IT, energy, and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 06 2019. 20:45 IST