Piyush Goyal Envisions Doubling India-Africa Trade, Emphasizes Collaboration in Mining and Technology

Shri Goyal expressed confidence in the India-Africa relationship, affirming that both regions share aligned goals for better quality of life, greater investments, and economic growth.

At the 19th CII India-Africa Business Conclave in New Delhi, Union Minister of Commerce and Industry Shri Piyush Goyal articulated a vision for robust collaboration between India and Africa, focusing on critical sectors such as mining, technology, and agriculture.

Addressing the Special Plenary with Trade Ministers, Shri Goyal highlighted Africa's wealth of critical minerals essential for sectors like electric vehicles (EVs), underscoring the potential for joint ventures in sustainable mining practices. He set an ambitious target of doubling trade between India and Africa within the next seven years, pointing out significant untapped potential. Goyal urged 33 African countries that do not currently participate in India's Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) to leverage this opportunity.

The Minister outlined areas of mutual benefit, noting that India’s expertise in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy aligns well with Africa’s development needs. Conversely, Africa’s strengths in mining, tourism, and agricultural products complement India’s growth requirements. Goyal emphasized the importance of equitable trade and collaborative efforts to enhance value addition in both regions.

Goyal advocated for a technology-driven partnership, particularly in the IT sector, suggesting the use of India’s Digital Public Infrastructure to drive technology adoption in Africa. This, he argued, could enhance financial inclusion, social sector development, and job creation across the continent. He also highlighted the entertainment sector's potential for collaboration, referencing Kili Paul from Tanzania, who gained international recognition through engagement with Bollywood music. Additionally, Goyal pointed to opportunities in sports and cultural exchanges.

Addressing food security, Goyal proposed collaboration in Africa’s plantation sectors to meet India’s growing demand for oilseeds, pulses, and other crops. He also recognized the crucial role of the Medium, Small, and Micro Enterprises (MSME) sector in both regions, calling for enhanced cooperation to support MSMEs, foster entrepreneurship, and expand the startup ecosystems.

Shri Goyal expressed confidence in the India-Africa relationship, affirming that both regions share aligned goals for better quality of life, greater investments, and economic growth. He praised the CII India Africa Business Conclave for its role in enhancing cooperation and urged participants to set and achieve ambitious targets.

Echoing Prime Minister Modi’s vision, Goyal emphasized a global compact among Global South countries to foster mutual interest and expanded cooperation. He highlighted India’s support for Africa through 196 Lines of Credit, totaling over US$12 billion, and the inclusion of the African Union as a full member of the G20. Goyal expressed optimism about a resurgent Africa and a rising India driving South-South cooperation, calling on developing countries to aspire to greater goals and work collaboratively for the prosperity of their people.

The Minister’s address underscored a commitment to deepening the India-Africa partnership, aiming for a future marked by shared success and growth.