India-Africa Partnership Targets Doubling Trade To USD 200 Billion Over Next Seven Years: Piyush Goyal
Union Minister of Commerce and Industry, Piyush Goyal, highlighted the enduring ties and growing collaboration between India and Africa during the 19th CII India-Africa Business Conclave in New Delhi. Goyal underscored the deepening friendship between the two regions, saying, “The brotherhood and friendship between the people of India and Africa are strengthening, with both sides exploring new avenues for cooperation.”
Goyal said that Africa remains a top priority for India’s foreign engagement. He cited various initiatives led by the Prime Minister, including efforts to secure the African Union’s permanent membership in the G20 and India’s active role in raising issues of mutual interest at multilateral forums like the World Trade Organization (WTO).
Goyal also highlighted India’s support for Africa through lines of credit amounting to over USD 12 million across more than 40 countries, describing these efforts as the beginning of a robust partnership with great potential.
Goyal said that India and Africa achieved nearly USD 100 billion in trade last year, with overall investments in Africa reaching around USD 47 billion. However, he pointed out that much more could be done to enhance this partnership.
He proposed a goal to double the trade volume between India and Africa to USD 200 billion within the next seven years, aiming for a 10 percent annual growth. He also advocated for deeper technology collaboration, which could further strengthen the ties between the two regions.
Goyal stressed that Africa’s rich mineral resources could meet India’s growing demand for critical minerals, particularly in the context of India’s burgeoning electric vehicle sector. He also highlighted the potential for Africa to supply India with oil seeds, pulses, lentils, cotton, and rubber, and suggested that India could assist African countries in developing their plantation sectors.
The Minister also pointed to the crucial role of the MSME sector in both Africa and India, noting its growing importance in fostering economic ties.
Malawi’s Minister of Trade and Industry, Sosten Gwengwe, provided insights into Africa’s economic trajectory, emphasizing the expanding trade and investment relations between Malawi and India. He noted that Malawi has become a key exporter to India, with commodities such as pigeon peas, soybeans, mangoes, macadamia nuts, chilies, and groundnuts finding their way to the Indian market.
Rui Miguens de Oliveira, Minister of Industry & Commerce of the Republic of Angola, described India as a vital partner for African countries. He emphasized the importance of bilateral and multilateral relations with India, particularly given current global conditions and technological needs. Oliveira urged Africa to take full advantage of trade opportunities, such as the Duty-Free Tariff Preference (DFTP) Scheme offered by India.
