During a Business Conclave, Union Minister of Commerce and Industry Shri Piyush Goyal emphasized the untapped potential for collaboration between India and Africa, particularly in critical minerals, trade, and technology. Addressing a special plenary with Trade Ministers, Goyal highlighted how Africa’s vast mineral resources could complement India’s growing need for essential minerals, especially in sectors like electric vehicles (EVs).
Goyal underscored the potential for sustainable partnerships in the mining sector, advocating for value addition to minerals in both India and Africa through joint ventures. He set an ambitious goal of doubling trade between India and Africa within the next seven years, noting the significant trade potential between the two regions. Currently, 33 African countries do not participate in India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs), and Goyal urged these nations to take advantage of this opportunity to boost trade.
The Minister highlighted the alignment of India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy with Africa’s development needs. Similarly, Africa’s capabilities in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. Goyal stressed the importance of focusing on equitable trade to ensure mutual benefits.
Goyal also spoke about the potential for a technology-driven partnership between India and Africa, particularly in the IT sector. He encouraged the use of India’s Digital Public Infrastructure to enhance technology penetration in Africa, promoting financial inclusion, social sector development, transparency, digitalization, and job creation.
In addition, the Minister identified the entertainment sector as an area ripe for collaboration, citing the global popularity of Tanzanian influencer Kili Paul’s engagement with Bollywood music as an example of cultural exchange potential. He also highlighted the opportunities for cooperation in sports and cultural exchange between the two regions.
Addressing food security, Goyal pointed out India’s capacity to contribute to Africa’s agricultural sector. He noted the growing demand in India for oilseeds, pulses, and other crops and proposed collaboration in Africa’s plantation sectors for export to India. He further recognized the importance of the Medium, Small, and Micro Enterprises (MSME) sector in both India and Africa, calling for enhanced cooperation to create jobs, support MSMEs, and foster entrepreneurship. Goyal stressed the potential for the startup ecosystems in both regions to engage and grow through collaboration.
Expressing confidence in the India-Africa relationship, Goyal said, “We are very aligned in our desires, ambitions, and aspirations. We are looking for a better quality of life for our people, greater investments, and economic growth and prosperity.” He praised the efforts of the CII India Africa Business Conclave in enhancing cooperation and urged participants to set ambitious targets and work diligently to achieve them.
Shri Goyal echoed Prime Minister Modi’s vision of a global compact among countries of the Global South, opening new avenues for mutual interest and expanded cooperation. He also mentioned India’s support to Africa through 196 Lines of Credit, totaling over US$12 billion and benefiting more than 42 countries.
Highlighting collaborative efforts under Prime Minister Shri Narendra Modi’s leadership to bring the African Union (AU) into the G20 as a full member, Goyal noted India’s initiatives to raise African issues in global forums, marking the beginning of a strengthened partnership between India and Africa.
Concluding his address, Shri Goyal emphasized the potential of a resurgent Africa and a rising India to drive South-South cooperation. He called on developing and less developed countries to aspire to bigger goals and work together for the prosperity and well-being of their people, aligning with India’s goal of becoming a developed nation by 2047.
