2024-08-21 16:24:20
India and Africa should set a target of doubling two-way trade to $200 billion in seven years and try to get more African countries into the partnership to realize its full potential, Indian Commerce and Industry Minister Piyush Goyal said.
The minister, speaking at the special plenary session of trade ministers at the 19th Confederation of Indian Industry (CII) India Africa Business Meet in New Delhi on Wednesday, said as many as 33 African countries are not participating in India’s Duty Free Tariff Preference (DFTP) scheme for LDCs and these countries should avail the scheme.
“Can we think about more and more countries enjoying the fruits of this partnership and set a benchmark to double the trade between India and Africa from $100 billion to $200 billion. I think we should think about doing that in seven years,” Goyal said.
A deeper connection
The minister advocated strengthening India’s bilateral partnership with Africa in areas such as critical minerals, entertainment, etc., adding that technology-led cooperation in agriculture will enhance food security in both the regions.
Goyal said Africa could meet India’s demand for critical minerals needed for sectors like electric vehicles. “He stressed the importance of sustainable mining practices and adding value to minerals in India and Africa through joint partnerships,” a press statement said.
On the issue of food security, the minister said India could contribute significantly to Africa’s agriculture sector and proposed collaboration in Africa’s plantation sector for export to India.
Goyal said India’s strengths in agriculture, medicine, textiles, automobiles and renewable energy dovetail with Africa’s development needs. He also pointed out that Africa’s strengths in mining, tourism, agricultural products and manufactured goods complement India’s growth needs. He said the focus should be on fair trade.
Goyal suggested leveraging India’s digital public infrastructure to drive deeper penetration of technology in Africa, enhancing financial inclusion, social sector development, transparency, digitization and job creation.
Goyal sees the entertainment industry as an area with huge potential for collaboration, citing the example of Tanzania’s Kili Paul, who gained global fame through his foray into Bollywood music.
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