(MENAFN- IANS) New Delhi, Aug 21 (IANS) Union Minister of Commerce and industry Piyush Goyal on Wednesday said that Africa can complement India's need for critical minerals required in sectors like electric vehicles, electronics, defence and renewable energy.
Addressing the special plenary with Trade Ministers at the 19th CII India-Africa business conclave here, Piyush Goyal highlighted the potential for collaboration in the mining sector given that Africa is rich in minerals.
He emphasised the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships.
Piyush 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 Union Minister pointed out that as many as 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 advantage of this opportunity.
The Minister emphasised 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.
Piyush Goyal also 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, digitalisation, and job creation.
The Commerce Minister also highlighted the entertainment sector as an area with a significant potential for mutual collaboration.
He cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music. Piyush Goyal also underscored the potential for cooperation in sports and cultural exchange.
Addressing the issue of food security, the Union 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.
Piyush Goyal also mentioned 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.
The Union Minister encouraged expanding relations between MSMEs on both sides and emphasised the potential of the startup ecosystems in India and Africa to engage and grow through collaboration.
Piyush 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 echoed Prime Minister Narendra Modi's vision of a global compact between countries of the Global South, which opens new avenues for mutual interest and expanded cooperation. He mentioned India's assistance to Africa through 196 Lines of Credit, amounting to over $12 billion, benefiting over 42 countries.
He also highlighted the collaborative efforts under the leadership of PM Modi to bring the African Union into the G20 as a full member.
Piyush Goyal noted that India's efforts to raise African issues in various global forums mark the beginning of a strengthened partnership between India and Africa.
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