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Union Minister of Commerce and Industry Shri Piyush Goyal said that Africa can compliment India’s need for critical minerals needed to some sectors like EVs. Shri Goyal said this while addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave in New Delhi today.
Shri Goyal highlighted the potential for collaboration in the mining sector given that Africa is rich in minerals. He emphasized the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships.
Shri Goyal set an ambitious goal of doubling trade between India and Africa in the next seven years. He pointed out that there is huge potential for trade between African countries and India. The Minister mentioned that 33 African countries do not participate in India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) and urged them to take its advantage.
The Minister emphasized that India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align with Africa’s development needs. He also noted that Africa’s strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. The focus, he said, should be on equitable trade.
Shri Goyal highlighted the potential of a technology-driven partnership between India and Africa, particularly in the IT sector. He urged the use of India’s Digital Public Infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalization, and job creation.
Commerce Minister highlighted the entertainment sector as an area with significant potential for mutual collaboration. He cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music. Shri Piyush Goyal also underscored the potential for cooperation in sports and cultural exchange.
Addressing the issue of food security, the Minister noted that India can significantly contribute to Africa’s agricultural sector. He mentioned the growing demand for oilseeds, pulses, and other crops in India and proposed collaboration in plantation sectors in Africa for export to India.
Shri Goyal recognized the critical role of the Medium, Small, and Micro Enterprises (MSME) sector in both India and Africa. He called for enhanced cooperation to create more jobs, support MSMEs, and foster entrepreneurship. He encouraged expanding relations between MSMEs on both sides and emphasized the potential of the startup ecosystems in India and Africa to engage and grow through collaboration.
Shri Goyal expressed confidence in the tremendous potential of the India-Africa relationship, stating, “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. While our trade and investments have been strong, there is so much more that we can achieve together.”
He praised the efforts of the CII India Africa Business Conclave for enhancing cooperation between India and Africa, urging participants to set ambitious targets and work diligently to achieve them.
Shri Goyal echoed Prime Minister Modi’s vision of a global compact between countries of the Global South, which opens new avenues for mutual interest and expanded cooperation. He also mentioned India’s assistance to Africa through 196 Lines of Credit, amounting to over US$12 billion, benefiting over 42 countries.
The Minister highlighted the collaborative efforts under the leadership of Prime Minister Shri Narendra Modi to bring the African Union (AU) into the G20 as a full member. Shri Goyal noted that India’s efforts to raise African issues in various global forums, marks the beginning of a strengthened partnership between India and Africa.
Shri Goyal concluded by emphasizing the potential of a resurgent Africa and a rising India to give strong impetus to 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.
