India and Africa have committed to doubling bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare. Commerce and Industry Minister Piyush Goyal made the announcement during the valedictory session of the 20th CII India-Africa Business Conclave in New Delhi, emphasizing the need to shift from raw material exports to value-added production for global markets.
India’s exports to Africa currently stand at USD 42.7 billion, while imports are at USD 40 billion. Goyal highlighted the untapped potential across regions and called for deeper engagement to unlock opportunities that have been missed over the years. He stressed that India and Africa should explore complementarities rather than compete in every sector, identifying agriculture, food security, education, skill development, healthcare, pharmaceuticals, renewable energy, and innovation as key areas for mutual benefit.
Goyal pointed to the automobile sector as a major opportunity, noting that Africa imports nearly USD 20 billion worth of motor vehicles annually, while India supplies only USD 2 billion of that demand. He stated that Indian vehicles are globally competitive in cost and quality, and can meet Africa’s growing need for passenger and commercial vehicles, two- and three-wheelers, and affordable electric mobility solutions. In return, India can benefit from increased imports of African critical minerals, petroleum products, and agricultural commodities, creating a balanced and sustainable trade exchange.
He acknowledged the shared aspirations of India and Africa, both with billion-plus populations striving for prosperity. Just as India is working toward Viksit Bharat by 2047, Africa is pursuing development for every citizen. The Conclave, according to Goyal, marks a milestone in strengthening India-Africa ties on this journey toward shared prosperity.
Goyal emphasized that Africa can support India in critical minerals and petroleum products, while India can assist Africa with food security, manufacturing, and services. He noted India’s competitiveness in architecture, engineering, IT, AI, telecom, and medical tourism.
He reaffirmed India’s support to Mauritius in managing inflationary pressures on essential goods such as milk products, edible oils, and rice. Goyal recalled India’s assistance to Africa during the COVID-19 pandemic, when affordable medicines and vaccines were supplied, contrasting with the high-priced alternatives from developed nations. He also proposed that India’s Unified Payments Interface could help reduce transaction costs and strengthen Africa’s financial systems.
Goyal invoked Mahatma Gandhi’s journey in South Africa as a symbol of the deep historical ties between India and Africa. He called the Global South the true voice of the developing world and urged African nations to collaborate with India at multilateral platforms like the WTO to shape global decision-making.
He concluded by inviting African nations to expand their engagement with India, stating that the relationship is not just about history or trade, but about shared dreams, challenges, and solutions. He expressed confidence that together, India and Africa can transform their economies, empower their youth, and ensure prosperity for every citizen.
