New Delhi: Union Minister of Commerce & Industry Shri Piyush Goyal, delivering the keynote address at the Valedictory Session of the 20th CII India-Africa Business Conclave in New Delhi on August 29, 2025, announced the joint commitment of India and Africa to double bilateral trade by 2030. Highlighting the evolution of the Conclave as a platform showcasing mutual opportunities, Shri Goyal emphasized moving beyond raw material exports to value-added production for global markets.
Balanced Trade and Untapped Potential
India-Africa bilateral trade currently stands balanced with exports from India at USD 42.7 billion and imports at USD 40 billion. Shri Goyal noted significant untapped opportunities across African regions and sectors, encouraging exploration of complementarities rather than competition.
Key Sectors for Collaboration
The Minister identified agriculture, food security, cooperative movements, education, skill development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy as core areas offering vast scope for mutual development and industrial cooperation.
Particular emphasis was placed on the automobile sector, where African countries import nearly USD 20 billion in motor vehicles annually, but India supplies only about USD 2 billion. Shri Goyal cited India’s internationally competitive automobile manufacturing, including passenger vehicles, commercial vehicles, two and three wheelers, and affordable electric mobility solutions, as a key area of growth that can meet Africa’s mobility demands while promoting sustainable industrial partnerships.
Shared Aspirations for Development
Shri Goyal highlighted the common aspirations of India and Africa, with populations exceeding a billion, to achieve prosperity. India’s vision for Viksit Bharat@2047 parallels Africa’s endeavors for inclusive growth. The Conclave was regarded as a milestone advancing these shared ambitions.
Economic Complementarities and Strategic Cooperation
Africa’s strengths in critical minerals and petroleum products complement India’s cost-competitive services in areas including architecture, engineering, IT, AI, telecom, and medical tourism. Shri Goyal assured continued support to Mauritius, addressing inflationary challenges in essential goods, reflecting the spirit of friendship binding India and African nations.
India’s Support During COVID-19 and Financial Innovations
During the COVID-19 pandemic, India provided affordable medicines and vaccines to African countries, contrasting with costly alternatives from developed markets. Shri Goyal also highlighted the potential of India’s Unified Payments Interface (UPI) to reduce transaction costs and fortify Africa’s financial systems, fostering deeper economic integration.
Call for Global Partnership and Youth Empowerment
Representing over 2 billion people and one-third of the world’s population, India and Africa share historic ties and common challenges. Shri Goyal urged African nations to collaborate with India on global platforms like the WTO to shape fair trade policies. He emphasized joint efforts in advancing agriculture technologies, renewable energy, generic medicines, and critical minerals, and called for youth partnerships to drive future growth.
Vision for the Future
Inviting African countries to expand engagement, Shri Goyal articulated a shared vision: “Our relationship is not just about history or trade — it is about shared dreams, shared challenges, and shared solutions. Together, we can transform our economies, empower our youth, and ensure prosperity for every citizen. The future is ours to capture.”
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Source: PIB
