Key Points

Addressing the valedictory session of the 20th CII India-Africa Business Conclave in New Delhi, Goyal stated, "Together, we can move from raw material exports to value-added production for global markets."

Currently, India's exports to Africa stand at USD 42.7 billion, while imports are close to USD 40 billion. Calling this balance encouraging, Goyal underlined that much more could be achieved. "This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today," he observed.

The minister highlighted the complementarities between the two regions, pointing to areas such as agriculture, food security, self-help groups, education, skills development, start-ups, healthcare, and renewable energy. He also drew attention to the automobile sector, where Africa imports vehicles worth USD 20 billion annually, but India supplies only USD 2 billion of that demand.

Goyal said that Indian vehicles, known for their cost competitiveness and quality, could help Africa meet the rising demand for passenger and commercial vehicles, as well as two- and three-wheelers, and affordable electric mobility.

In return, India could expand imports of African resources, including critical minerals, petroleum, and farm produce. This balanced exchange, he said, would help both regions expand trade, generate employment, and build long-term industrial partnerships.

Goyal stressed that the billion-plus population of Africa shares aspirations similar to India's vision of becoming a developed nation by 2047. He said Africa could support India's mineral and energy needs, while India could contribute to Africa's food security, manufacturing, and digital services. He also highlighted India's strengths in IT, AI, telecom, and medical tourism.

Citing India's bond with Mauritius, he assured continued support in easing inflationary pressure on food essentials. Goyal further said that India's digital payment system, UPI, could help Africa reduce transaction costs and strengthen financial systems.

"India and Africa together represent over two billion people and one-third of the global population. Our shared history, freedom struggles, and enduring friendship provide a strong foundation for the future," Goyal said, invoking Mahatma Gandhi's years in South Africa as a symbol of these ties.

He urged African nations to join India on global platforms, such as the WTO, calling the Global South the true voice of the developing world. Inviting African countries to expand engagement with India, he said, "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."

- ANI