New Delhi: India and Africa should work together to build more robust, diverse and resilient supply chains, redefine the parameters of engagement and explore newer sectors for cooperation, said Piyush Goyal, Minister for Commerce, at the session with African Trade Ministers on the second day of the 18th CII-EXIM Bank conclave on India Africa Growth Partnership, organised by the Confederation of Indian Industry (CII) and EXIM Bank of India in New Delhi.
India is committed to deepening trade and investments with Africa and increasing knowledge and technology transfer with the region, the Minister stated. “Let’s re-energise our relationship,” he added, noting that this would bring about a more prosperous Africa and a more prosperous India.
Referring to the India-Africa trade volume that stood at nearly US$100 billion in 2022-23, Goyal said that the two sides can go beyond doubling the trade volume to US $200 billion by 2030, considering that both regions together have a three billion population with very favourable demographics. The Minister called for a deep study of bilateral trade relations, country by country, that can identify further opportunities for growth.
Highlighting the opportunity for India and Africa to engage in deeper cooperation in the areas of renewable energy, sustainability and alignment with the vision of ‘One World, One Grid’, Minister Goyal pointed out that the two sides could come together to establish inter-connected grids served by clean energy.
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India could also extend its expertise to Africa in the development of digital public infrastructure, he added. Meanwhile, Tambo Gina, Minister of Economic Planning and Development, Kingdom of Eswatini, pointed out that the country offers significant investment opportunities in sectors like telecom and power generation and that there are no restrictions on foreign investments.
Furthermore, Hugues Judicael Mbadinga Madiya, Minister of Investment Promotion & PPPs, Gabonese Republic, observed that the renewable energy sector opens up newer avenues for investments and stated that Indian companies are actively engaged in the country across sectors, including infrastructure development, mining, agriculture and education.
Baboucarr Ousmaila Joof, Minister of Trade, Industry, Regional Integration and Employment, Gambia, said that the Trans-Gambia Corridor project is creating new investment opportunities for Indian companies. The implementation of the Africa Continental Free Trade Area (AfCFTA) agreement, complemented with the strong transportation and logistics networks, will help boost bilateral trade flows between the two sides, said Noel Tata, Chairman of CII Africa Committee and Chairman, Tata International Limited.
Emphasis was laid on digitalisation, infrastructure development and agriculture, which are among a broad spectrum of areas where India-Africa partnerships are growing. A CII publication titled ‘India Africa Trade: Scaling the $200 billion peak’ was released at the session.
