India, Africa should target US$ 200 billion trade in next seven years: Commerce and Industry Minister Mr. Piyush Goyal

Commerce and Industry Minister Mr. Piyush Goyal emphasized the significant potential for enhancing economic cooperation between India and Africa, aiming to double two-way trade to US$ 200 billion within the next seven years. Speaking at the CII's India-Africa business conclave, he identified key sectors for collaboration, including agriculture, pharmaceuticals, mining, tourism, automotive, critical minerals, and renewable energy. He noted that only a few African countries currently trade with India, and 33 countries do not participate in India's duty-free tariff preference (DFTP) scheme. He urged for broader participation to maximize the benefits of this partnership.

He highlighted opportunities in the IT sector, where India can assist African nations with infrastructure development, health, and financial inclusion. Additionally, he pointed out the potential for collaboration in entertainment and sports and sourcing critical minerals like cobalt, copper, and lithium, which are essential for clean energy technologies and electric vehicle production. He advocated for sustainable mining practices and joint partnerships to enhance the value of minerals. He also mentioned that India can support Africa in food security by supplying oil seeds, pulses, and lentils, and both regions are working to strengthen cooperation in the MSME and startup ecosystems. 

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