Piyush Goyal, Union Minister for Commerce and Industry, emphasised today the importance of striving to quadruple bilateral trade between India and Africa by 2030. Addressing the valedictory session of the 20th edition of the CII India Africa Business Conclave in New Delhi, Mr Goyal stated that trade between India and Africa is fairly balanced, with India's exports and imports totaling 42.7 billion dollars and 40 billion dollars, respectively. The Minister also emphasized that the two countries have complementary strengths in agriculture, food security, healthcare, critical minerals, renewable energy, construction, mining, water, wood, and lighting services. He claimed that Indian manufacturers can play an important role in satisfying Africa's growing demand for inexpensive mobility solutions. Mr. Goyal also highlighted India's assistance to Africa during the COVID-19 outbreak.
India Aims to Double Bilateral Trade With Africa by 2030, Says Piyush Goyal
The Minister also stated that India's Unified Payments Interface (UPI) might help to reduce transaction costs and enhance Africa's financial systems. He urged African nations to join India on global platforms such as the World Trade Organization, claiming that the Global South is the authentic voice of the developing world. Inviting African countries to increase engagement with India. In return, India might increase its imports of African resources, such as key minerals and petroleum. He stated that this balanced exchange will benefit both regions by expanding commerce, creating jobs, and establishing long-term industrial ties.
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