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Africa can meet India’s critical minerals requirements : Piyush Goyal
Union commerce and industry minister Piyush Goyal set an ambitious goal of doubling trade between India and Africa in the next seven years
Union commerce and industry minister Piyush Goyal on Wednesday said Africa can complement India’s need for critical minerals required for sectors such as electric vehicles (EVs).
Highlighting the potential for collaboration in the mining sector given Africa’s richness in mineral resources, Goyal emphasised on the importance of sustainable mining practices. He was addressing the special plenary with trade ministers at the 19th CII India Africa Business Conclave in New Delhi.
Goyal set an ambitious goal of doubling trade between India and Africa in the next seven years. There is huge potential for trade between African countries and India, he said asking 33 African countries to participate in India’s duty-free tariff preference (DFTP) scheme meant for the least developed countries (LDCs).
Emphasising India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy, he said the sectors align with Africa’s development needs. Similarly, Africa’s strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements, he said adding that the focus should be on equitable trade.
Goyal 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 (DPI) to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalisation, and job creation.
The minister highlighted the entertainment sector as an area with significant potential for mutual collaboration. He cited the example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music. Goyal also underscored the potential for cooperation in sports and cultural exchange.
Addressing the issue of food security, the 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.
He recognised the critical role of the micro, small and medium enterprises (MSME) sector in both India and Africa and called for enhanced cooperation to create more jobs, support MSMEs, and foster entrepreneurship. He 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.
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 said.
Goyal recalled Prime Minister Narendra Modi’s vision of a compact between countries of the Global South, which opens new avenues for mutual interest and expanded cooperation and mentioned about India’s assistance to Africa through 196 lines of credit amounting to over $12 billion, benefiting 42 countries.
Highlighting the collaborative efforts under the leadership of PM Modi to bring the African Union (AU) into the G20 as a full member, Goyal noted that India’s efforts to raise African issues in various global forums, marks the beginning of a strengthened partnership between India and Africa.
