India has emerged a major investor in African countries with investments, including joint ventures and wholly owned subsidiaries, touching $33 billion, minister of commerce and industry Anand Sharma has said.
Inaugurating the India Show at the Ethiopian capital of Addis Ababa today, Sharma also projected India-Africa bilateral trade to reach $70 billion by 2015.
He said Indian investments in Africa cover a broad spectrum of industries in diverse sectors such as hydrocarbons and petrochemicals, pharmaceuticals, IT, fertilisers, infrastructure, etc.
Sharma expressed the hope that the `India Show' will give a unique opportunity for the African businesses to deepen and strengthen existing ties and forge new linkages with Indian companies.
The theme of the show is "Africa and India: Partners in Progress -Friends Forever".
Sharma is leading an Indian delegation as part of the build-up to the second 'Africa-India Forum Summit' scheduled for 24-25 May 2011. He also released a special publication titled 'India-Africa Business Guide' during the inaugural session of the India Show.