Piyush Goyal urges strengthening trade links with Africa

According to Minister of Commerce and Industry Piyush Goyal, there are four crucial areas where India can be a valued partner for African countries: solar energy, infrastructure, military cooperation, and the startup ecosystem.

According to Goyal, who spoke at the opening of the 17th CII-Exim Bank conference, trade between India and African countries has been fairly balanced, with exports of goods and services totaling around $40 billion and imports of $49 billion.

“And we would like to keep up this collaboration and engagement where African countries and India help each other out in an effort to assist each other’s economic development.”

“27 less developed African nations are granted duty-free tariff preference by India.” “It’s time to consider further extending and bolstering the trade relationship as well as maybe considering opening up more trade opportunities with both India and the African continent so that we can increase commerce much more quickly,” added the minister.

Speaking at the conference on “India-Africa Growth Partnership-Creating Shared Futures,” he claimed that South Africa and India should collaborate in a number of sectors to develop cost-efficient, accessible, and really population-specific solutions.

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“India also wants to make our friendship and relationship-based business offers stronger so that we can fulfill the aspirations of 1.4 billion Africans. Future relationships in four areas, in my opinion, can help the people of Africa and India achieve their goals, “added Goyal.

He claimed that because both nations enjoy abundant sunlight, solar energy might be one avenue of cooperation between Africa and India.

According to the minister, it will bring clean energy to Africa, address the continent’s needs for energy security, create jobs, and boost regional economic growth.

In the Indian Ocean, he added, “I also think our military exchanges, defense commerce, and defense sector production can potentially contribute to deeper involvement between Africa and India.”

Additionally, he stated that India is prepared to assist African countries with their physical and digital infrastructure, including information technology, the establishment of new infrastructure projects in the area, healthcare, and the production of vaccines.

“We also think that the startup ecosystem is one place where we can tap into a lot of the human potential that Africa has.” The third-largest startup ecosystem in the world was successfully established in India, where there are currently more than 110 unicorns. I think we can collaborate to build startup ecosystems in several African countries, “he stated.

According to Goyal, the Department for Promotion of Industry and Internal Trade will be happy to speak with friends from Africa to determine how the knowledge acquired over the past few years may benefit the continent.

He claimed that Prime Minister Narendra Modi has made it clear that India’s relationship with African countries should be given top priority.

According to Goyal, “Africa finds a place of pride in terms of our foreign and economic policies, and I would like to reassure all the distinguished excellencies from different African countries that our relationship is based on trust, friendship, and a deep understanding of each other’s imperatives, requirements, and own domestic situations.”