NEW DELHI: Indian companies are looking at business opportunities in Africa as the continent holds huge potential to boost trade and investments, Commerce and Industry Minister Piyush Goyal said on Thursday.

He also said that businesses of both regions should look at increasing bilateral trade beyond the target of $200 billion by 2030.

The bilateral trade at present is about $100 billion.

India can also look for negotiating a free trade agreement with Africa to further strengthen economic ties, he said.

“Indian companies are looking at many more opportunities, and they can help increase economic growth in Africa and create jobs,” Goyal said at CII-EXIM Bank Conclave on ‘India-Africa Growth Partnership’. In terms of increasing trade, “we have not reached our true potential”, he added.

Goyal also said India works as a friend and brother with Africa and does not “take over” assets like power transmission lines and ports.