The Indian government announced its plans to host a meeting surrounding project cooperation between India and Africa, in order to increase their bilateral trade volume to more than double the current $62 billion.

Speaking in a statement, the Ministry of Commerce and Industry said that "scaling up India-Africa bilateral trade volume to $150 billion in the next few years" is the main goal of the three-day meeting which begins on March 17, Business Insider reports.

The event, which is being organised by the Ministry in association with the Confederation of Indian Industry (CII) and the EXIM Bank of India, will have more than 31 senior ministers from 21 African countries participating.

"The conclave will mark the pre-eminence of India-Africa partnership in the area of ‘South-South Cooperation' at a time when the global economy is faced with intractable challenges that stem from rising protectionism and trade conflicts," the statement said.

The Ministry said that India’s ascendancy as the fastest growing major economy aids its bilateral ties with Africa, as do some of the ever-expanding sub-Saharan economies, resulting in Africa’s new economy dynamism.

The Ministry went on to say: "The conclave coheres into the Indian government's broader vision of long-term engagement with Africa."