Trade between Africa and Ireland is expected to reach €24bn by the end of the decade, Trade and Development Minister Sean Sherlock told a conference recently.

The minister said the Government wants to complement Ireland’s traditional commitment in Africa, which has been focused largely on aid and development, with an economic commitment.

More than 300 business people, along with diplomats and members of the African community came together on 30 October 2014 for the Africa-Ireland Economic Forum.

Several Irish companies are already operating on the continent, including Kerry, Guinness, ESB International and Glanbia.

There are an increasing number of Irish chief executives targeting Africa as a potential export market, experts have said.

Enterprise Ireland’s Kevin Sherry told the forum that Africa has been home to eight of the world’s 15 fastest-growing economies since 2000, with GDP on the continent hitting $2 trillion (€1.6 trillion) last year – more than India’s. That growth is forecast to continue, but there are very real risks.

The International Monetary Fund (IMF) has forecast Africa will repeat 2013’s growth rate of 5.1pc this year and then accelerate next year as infrastructure investments boost efficiency, and the service sectors and agriculture flourish.

The 2015 forecast was an improvement on the 5.5pc growth for the overall region projected by the IMF in April. But the outlook is overshadowed by the dire situation in Guinea, Liberia, and Sierra Leone, where the Ebola outbreak is “exacting a heavy human and economic toll.”

Growth in South Africa, the continent’s most advanced economy, had been lacklustre, hit by strikes, low business confidence and tight electricity supply, the IMF said. But it believes a “muted recovery” could take hold next year. Nigeria, by contrast, is booming. It’s the continent’s top oil producer and overtook South Africa as the biggest economy this year.

Mr Sherlock said Africa, collectively, was on the rise.

“It is important now that we grasp opportunities and have the vision to see where they can take us and work toward developing strong and equal trade and investment partnerships with African countries,” he said.

President Michael D Higgins begins a three-week trip to the Continent tomorrow, visiting Malawi, Ethiopia and South Africa. In the last three years, Irish goods exports to sub-Saharan African has jumped by a quarter and is up 27pc for the entire continent. Exports by Enterprise Ireland-supported companies to Africa last year totalled €550m. That’s expected to increase to €800m by the end of 2016. To coincide with the forum, the Irish Exporters Association has established an African Business Forum.

Colm O’Callaghan, tax director with accountancy giant PwC, which is supporting the initiative, said 13pc of Irish chief executives confirmed that they are targeting Africa as an export market.

“Whether you are an large Irish multinational or an indigenous Irish SME looking for new markets, Africa holds the potential, scale and opportunity for growth,” he said.

“However, when internationalising your business to Africa, you need to do your homework. Proper advance market research and having the right structures and people in place will ultimately help equip the business to maximise the opportunities that Africa has to offer.”