India plans to triple trade with Africa over the next five years to reach $100 billion. Targeted sectors for investment include agriculture, small industry, mining, ICT, oil pipelines, chemical industry and energy. 

Beijing will also double credit lines to $5.4 billion over five years and provide $500 million for projects from the "Aid to Africa" budget, officials said at the India-Africa business summit held this week.

India's trade with Africa soared from $967 million in 1991 to $35 billion in 2008, but remains way behind China's nearly $100 billion.

China’s investments in the continent have risen considerably on the back of major energy construction and mineral extraction projects. 

India held hundreds of meetings on the sidelines of the business summit which could result in hard deals, according to a report by Reuters.