New Delhi, Oct 31 India has taken concrete steps to transform Africa’s mineral wealth into industrial strength, ensuring inclusive prosperity, a report said on Friday.
At the 20th CII India–Africa Business Conclave, India emphasised the need for collaborative partnerships with African nations regarding critical minerals, stating that these resources "belong first and foremost to Africa," a report from Independent Online (IOL) said.
Sevala Naik Mude, Additional Secretary for India’s Ministry of External Affairs, highlighted that India's approach is collaborative rather than extractive, adding that it is focused on local industrialisation and job creation rather than mere extraction of critical mineral resources.
India extended preferential access for African exports -- processed and unprocessed -- through the Duty-Free Tariff Preference Scheme, the report noted.
Mude emphasised the need for a greater focus on joint ventures, local processing facilities, and manufacturing partnerships that can generate greater long-term value.
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India is currently the fifth-largest investor in Africa, with investments exceeding $80 billion and these investments are not limited to mining alone but extend into manufacturing, value addition, and services, he noted.
India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare, Union Minister of Commerce and Industry Piyush Goyal had said at the event.
Gwede Mantashe, South Africa’s Minister of Mineral and Petroleum Resources, speaking at the G20 Critical Minerals Stakeholder Engagement, said resource-rich countries, such as South Africa, frequently lose jobs and profits due to concentrated global supply chains.
Such countries also have to contend with underdeveloped infrastructure, as well as inadequate investment in extraction and processing, the South African publication quoted Mantashe as saying.
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