While addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave, Union Minister of Commerce Piyush Goyal said that Africa can compliment India’s need for critical minerals needed to some sectors like EVs.

The potential for collaboration in the mining sector given that Africa is rich in minerals, he said.

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He emphasized the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships.

The minister also set an ambitious goal of doubling trade between India and Africa in the next seven years.

He pointed out that there is huge potential for trade between African countries and India.

He highlighted that 33 African countries do not participate in India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) and urged them to take its advantage.

The minister emphasized that India’s strengths in agriculture, pharmaceuticals, textiles, automobiles, and renewable energy align with Africa’s development needs.

He also noted that Africa’s strengths in mining, tourism, agricultural products, and manufactured goods complement India’s growth requirements. The focus, he said, should be on equitable trade.

He highlighted the potential of a technology-driven partnership between India and Africa, particularly in the IT sector.

The minister urged the use of India’s Digital Public Infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalization, and job creation.

Citing example of Kili Paul from Tanzania, who gained popularity globally by engaging with Bollywood music, the minister said, “The entertainment sector as an area with significant potential for mutual collaboration.”

India can significantly contribute to Africa’s agricultural sector, he said and mentioned the growing demand for oilseeds, pulses, and other crops in India and proposed collaboration in plantation sectors in Africa for export to India.

The minister recognized the critical role of the MSME sector in both the countries and called for enhanced cooperation to create more jobs.

He encouraged expanding relations between MSMEs on both sides and emphasized the potential of the startup ecosystems in India and Africa to engage and grow through collaboration.

“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.