Piyush Goyal Urges India–Africa Trade Doubling by 2030 at CII Conclave

Union Minister of Commerce and Industry Shri Piyush Goyal has called for India and Africa to double their bilateral trade by 2030, focusing on value addition, renewable energy, healthcare, technology-driven agriculture, and industrial cooperation.

He was delivering the keynote address at the Valedictory Session of the 20th Edition of the CII India–Africa Business Conclave, a landmark platform that has facilitated dialogue between the two regions for the past two decades.

Balanced but Underutilized Trade Potential

Shri Goyal highlighted that bilateral trade is already relatively balanced, with India’s exports at USD 42.7 billion and imports at USD 40 billion. However, he stressed that this equilibrium masks the untapped potential across sectors and geographies.

"This demonstrates both the opportunities missed in the past and the vast scope for expansion today," he said, urging both regions to identify complementarities rather than compete across all sectors.

Key Areas for Collaboration

The Minister outlined broad areas where India and Africa can work together for mutual benefit:

• Agriculture & Food Security: Technology-driven agriculture, food processing, and cooperative/self-help group models.

• Healthcare & Pharmaceuticals: Affordable medicines, vaccines, and expanding medical tourism.

• Renewable Energy: Joint projects in solar, wind, and sustainable energy systems.

• Education, Skill Development & Start-ups: Partnerships in training, R&D, and innovation ecosystems.

• Technology & Services: Cost-competitive Indian expertise in architecture, engineering, IT, AI, and telecom.

Automobile Sector: A Major Growth Opportunity

Highlighting the automobile sector, Shri Goyal noted that Africa imports nearly USD 20 billion worth of vehicles annually, but India currently contributes only USD 2 billion.

He underscored that Indian vehicles are globally competitive in both cost and quality, with high standards in passenger vehicles, commercial vehicles, two- and three-wheelers, and affordable electric mobility solutions.

"This is a wide delta of opportunity," he said, adding that such cooperation could ensure Africa’s growing demand is met sustainably while India benefits from greater imports of critical minerals, petroleum products, and agricultural commodities.

Shared Aspirations: Viksit Bharat 2047 and Africa’s Development Goals

Drawing parallels between India’s vision of Viksit Bharat by 2047 and Africa’s aspirations for prosperity, Shri Goyal said both regions must work towards shared prosperity through balanced exchange and industrial partnerships.

He emphasized that Africa could support India in critical mineral supply and petroleum products, while India could aid Africa in manufacturing, services, and food security.

A Partnership Built on History and Solidarity

Reaffirming India’s historic and emotional ties with Africa, Shri Goyal recalled Mahatma Gandhi’s years in South Africa and India’s unwavering support during Africa’s freedom struggles.

He also cited India’s role during the COVID-19 pandemic, when it supplied affordable medicines and vaccines to African nations, in contrast to expensive alternatives from developed economies.

In addition, he highlighted India’s UPI digital payments platform as a potential enabler of low-cost transactions and stronger African financial systems.

Special Mention of Mauritius and Regional Solidarity

The Minister made a special mention of Mauritius, assuring continued support in combating inflation in essentials like milk products, edible oils, and rice. This, he said, reflected India’s spirit of friendship and cooperation in ensuring food and economic security for its partners.

Voice of the Global South

Calling the Global South the true voice of the developing world, Shri Goyal urged African nations to work closely with India at multilateral platforms like the WTO. He emphasized building common objectives and influencing global decision-making.

"India and Africa together represent over 2 billion people and one-third of the world’s population. Our relationship is not just about history or trade — it is about shared dreams, shared challenges, and shared solutions," he declared.

Roadmap for the Future

Concluding his address, Shri Goyal invited all African nations to expand their engagement with India, noting that youth partnerships, innovation, and sustainable trade will define the future.

"Together, we can transform our economies, empower our youth, and ensure prosperity for every citizen. The future is ours to capture," he said.