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2011-05-19

Sharma flying to Addis Ababa

The African economy has gained rapid momentum, growing at well over 5 percent in the years before the global economic crisis. India's trade and investment relations with the continent are on the upswi

Anand Sharma will meet 15 industry ministers in Addis Ababa on May 21 to discuss ways to step up mutual trade and investment.

The minister will deliver the inaugural address concomitant business conference with the theme of "India-Africa: Enhancing Partnerships, Shared Vision" and would also release a business guide at the forum, which is scheduled from May 20-22.

Sharma will be accompanied by 15-member high level CII chief executive officers delegation including Adi Godrej, president-designate, CII, Sunil Bharti Mittal, past president, CII and group executive officer, Bharti Enterprises and Chandrajit Banerjee director general CII.

The African economy has gained rapid momentum, growing at well over 5 percent in the years before the global economic crisis. India's trade and investment relations with the continent are on the upswing.

The trade between India and Africa which stood at $3 billion in 2000-01 has recently reached the $45 billion mark and is targeted to scale to $70 billion level by 2015.

Investment by India in the continent has also increased with almost 250 Indian firms active in the continent with estimated investments of $5 billion.

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