New Delhi, Aug 29 India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare, Minister of Commerce and Industry Piyush Goyal said on Friday.
Delivering the keynote address at the valedictory session of the CII India Africa Business Conclave here, the minister pointed out that bilateral trade between India and Africa is already fairly balanced -- with India’s exports at $42.7 billion and imports at $40 billion.
However, he underlined the untapped potential across regions: “This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today."
The Minister stressed that India and Africa need not compete in every sector, but rather explore complementarities.
He highlighted areas such as agriculture, food security, cooperative and self-help group movements, education, skill development, capacity building, research and development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy, which provide vast opportunities for mutual benefit.
Goyal highlighted the immense potential for collaboration in the automobile sector. He noted that while Africa imports nearly $20 billion worth of motor vehicles annually, India currently supplies only about $2 billion of this demand.
He underlined that Indian automobiles are globally competitive, both in terms of cost and quality, with manufacturing standards on par with the best in the world.
He said that Indian manufacturers can play a vital role in meeting Africa’s growing demand for passenger vehicles, commercial vehicles, two and three-wheelers, and affordable electric mobility solutions.
This opens up a wide delta of opportunity for African nations to access reliable, fuel-efficient, and environmentally sustainable vehicles at competitive prices, while India can, in return, benefit from greater imports of African resources such as critical minerals, petroleum products, and agricultural commodities.
This balanced exchange would help both regions expand trade, generate employment, and build long-term industrial partnerships, he added.
Highlighting complementarities, the Minister observed that Africa could support India in areas such as critical minerals and petroleum products, while India could support Africa in food security, technological upgradation, manufacturing, and services.
He mentioned that India is cost-competitive in services like architecture, engineering, IT, AI and telecom, while also offering potential in medical tourism.
Referring to India’s close bond with Mauritius, Goyal assured the Indian Ocean island nation continued support in addressing inflationary pressures in essentials such as milk products, edible oils, and rice.
“It is this spirit of friendship and cooperation that defines India’s engagement with Africa,” he said.
Goyal also recalled India’s support to Africa during the Covid-19 pandemic, when medicines, vaccines and pharmaceutical products were provided at affordable costs, unlike the highly-priced alternatives from developed nations.
He further said that India’s Unified Payments Interface (UPI) could help bring down transaction costs and strengthen Africa’s financial systems.
Calling the Global South the true voice of the developing world, Goyal urged African nations to work with India at multilateral platforms like the WTO to create common objectives and influence global decision-making.
He emphasised collaboration in agriculture technologies, renewable energy, generic medicines, critical minerals, and youth partnerships, noting that the young populations of India and Africa will define the future.
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