Thu Dec 05 17:40:49 UTC 2024: ## India-Africa Trade Soars to Nearly $100 Billion: Experts Highlight Growing Opportunities
**Madurai, December 5, 2024** – India and Africa’s bilateral trade relationship is booming, reaching approximately $98 billion in 2022-23, a 9.26% increase year-on-year, according to experts speaking at a CII event in Madurai. The event, focused on business opportunities in Africa, highlighted the significant growth and potential for further expansion.
Ajmal Fawad, Country Director of CWEIC (India) and Deputy Director of CII’s International (Africa) division, emphasized the centuries-long history of trade and cultural exchange between the two regions. He noted CII’s extensive network of over 95 partner organizations across 44 African countries, facilitating collaboration between Indian and African industries.
A.K. Pramod of ARISE IIP India underscored India’s substantial investment in Africa, calling it a cornerstone of the region’s development. He highlighted India’s position as a leading investor in 2021 and reiterated the strong growth in bilateral trade. Mr. Pramod also pointed out Africa’s strategic geographic location, abundant natural resources, and growing workforce as key advantages for Indian businesses seeking global expansion. The speakers collectively painted a picture of a robust and expanding trade partnership poised for continued growth.
First Piper 