India and Africa aim to double trade by 2030, focus on economic integration 

India is setting ambitious goals for its trade relationship with Africa, aiming to double trade volumes to $200 billion by 2030. This goal was announced at the India Africa Business Conclave held by the Confederation of Indian Industry (CII) in New Delhi on August 22.

Dammu Ravi, Secretary of Economic Relations at the Ministry of External Affairs, highlighted the importance of enhancing economic integration between the two regions. “The time has come to establish Indian-owned economic zones in Africa,” Ravi stated, underscoring the potential for deeper economic ties, according to a report by Moneycontrol.

Further, Sunil Barthwal, Commerce Secretary, emphasized that sectors identified by the African Continental Free Trade Area—including automobiles, agriculture, pharmaceuticals, and logistics—hold significant potential for trade and investment. “Given the current growth and opportunity, we are on track to double the trade between India and Africa to approximately $200 billion by 2030,” Barthwal said.

Trade between the two regions hit a record high of around $100 billion in 2022-23 but saw a decline in the subsequent fiscal year. Despite this dip, the ambitious target for 2030 reflects a strong commitment to boosting economic collaboration.

The Indian government’s strategy includes not only increasing trade but also fostering technological and investment partnerships. By creating Indian economic zones in Africa, India aims to bolster its economic presence and integrate more closely with African markets.

Barthwal urged for greater participation on WTO issues as well. “India and Africa are believed to emerge as twin growth centres, let us leverage our combined strengths,” Barthwal noted.

India needs to look at trade from a deeper context of collaboration on global value chains, said Ravi, highlighting that Agenda 2063 should set broader context of partnership between the regions in days to come.

Agenda 2063 is a blueprint to achieve the development of Africa over a 50-year period. Hence, the focus of the Conclave was on economic integration. It aligns with broader strategic goals and reflects dedication to expanding India and Africa’s economic footprint on the global stage.