India & Africa Must Aim To Double Bilateral Trade By 2030: Piyush Goyal

(MENAFN- KNN India) New Delhi, Aug 30 (KNN) Union Minister of Commerce and Industry Piyush Goyal on Friday called for India and Africa to work towards doubling bilateral trade by 2030, with a focus on value addition, technology-driven agriculture, renewable energy, and healthcare.

Delivering the keynote address at the valedictory session of the 20th CII India–Africa Business Conclave in New Delhi, Goyal said the partnership between the two regions should move“from raw material exports to value-added production for global markets.”

India–Africa trade currently stands at USD 42.7 billion in exports and USD 40 billion in imports.

While describing the trade balance as relatively even, the Minister stressed the untapped potential across sectors.“This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today,” he noted.

Highlighting complementarities, Goyal pointed to opportunities in agriculture, food security, education, skill development, research and innovation, start-ups, healthcare, pharmaceuticals, and renewable energy.

He emphasised that the two regions need not compete in every sector but instead explore areas of synergy.

A key opportunity, he said, lies in the automobile sector. Africa imports nearly USD 20 billion worth of motor vehicles annually, of which India supplies only about USD 2 billion.

With globally competitive standards in passenger vehicles, commercial vehicles, two- and three-wheelers, and affordable electric mobility solutions, Indian manufacturers could play a larger role in meeting Africa's demand, while African nations could expand exports of critical minerals, petroleum, and agricultural commodities.

Goyal also underlined the potential for collaboration in services, including IT, telecom, AI, engineering, and architecture, while also citing medical tourism as a growth area.

He reiterated India's support to Mauritius in addressing inflationary pressures in food essentials and recalled India's supply of affordable medicines and vaccines to Africa during the COVID-19 pandemic.

India's Unified Payments Interface (UPI), he added, could help strengthen Africa's financial systems by reducing transaction costs.

The Minister placed the India–Africa partnership within a broader context of shared aspirations.

With both regions home to more than a billion people each, he said, the goal of India's Viksit Bharat by 2047 resonates with Africa's efforts to deliver prosperity to its citizens.

(KNN Bureau)

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