India-Africa Business Conclave has blossomed into a defining platform for trade and partnership: Shri Piyush Goyal

Indian manufacturers can play a vital role in meeting Africa’s growing demand for affordable mobility solutions: Shri Goyal

India and Africa share complementarities in agriculture, food security, healthcare, critical minerals, renewable energy and services: Shri Goyal

India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare. This was stated by Union Minister of Commerce & Industry, Shri Piyush Goyal while delivering the keynote address at Valedictory Session of 20^th Edition of CII India Africa Business Conclave in New Delhi today. “Together, we can move from raw material exports to value-added production for global markets,” he noted. He said that the idea of this Conclave, seeded 20 years ago, has brought out opportunities and potentials of African countries while showcasing the strengths of both Africa and India.

Shri Goyal pointed out that bilateral trade between India and Africa is already fairly balanced — with India’s exports at USD 42.7 billion and imports at USD 40 billion. However, he underlined the untapped potential across regions, “This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today,” he said.

The Minister stressed that India and Africa need not compete in every sector, but rather explore complementarities. He highlighted areas such as agriculture, food security, cooperative and self-help group movements, education, skill development, capacity building, research and development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy, which provide vast opportunities for mutual benefit.

Shri Goyal highlighted the immense potential for collaboration in the automobile sector. He noted that while Africa imports nearly USD 20 billion worth of motor vehicles annually, India currently supplies only about USD 2 billion of this demand. He underlined that Indian automobiles are globally competitive, both in terms of cost and quality, with manufacturing standards on par with the best in the world. He said that Indian manufacturers can play a vital role in meeting Africa’s growing demand for passenger vehicles, commercial vehicles, two and three wheelers, and affordable electric mobility solutions. This, he added, opens up a wide delta of opportunity for African nations to access reliable, fuel-efficient, and environmentally sustainable vehicles at competitive prices, while India can, in return, benefit from greater imports of African resources such as critical minerals, petroleum products, and agricultural commodities. This balanced exchange, he said, would help both regions expand trade, generate employment, and build long-term industrial partnerships.

Shri Goyal noted that collectively, the African countries, with a billion-plus population similar to India, are aspiring to become prosperous and developed nations. Just as India is working towards achieving Viksit Bharat by 2047, Africa too is working to take prosperity to every citizen. He underlined that the Conclave is a significant milestone in strengthening India–Africa ties in this journey towards shared prosperity.

Highlighting complementarities, the Minister observed that Africa could support India in areas such as critical minerals and petroleum products, while India could support Africa in food security, technological upgradation, manufacturing, and services. He mentioned that India is cost-competitive in services like architecture, engineering, IT, AI and telecom, while also offering potential in medical tourism.

Referring to India’s close bond with Mauritius, Shri Goyal assured continued support to Mauritius in addressing inflationary pressures in essentials such as milk products, edible oils, and rice. “It is this spirit of friendship and cooperation that defines India’s engagement with Africa,” he said.

Shri Goyal also recalled India’s support to Africa during the COVID-19 pandemic, when medicines, vaccines and pharmaceutical products were provided at affordable costs, unlike the highly-priced alternatives from developed nations. He further said that India’s Unified Payments Interface (UPI) could help bring down transaction costs and strengthen Africa’s financial systems.

“India and Africa together represent over 2 billion people and one-third of the global population. Our shared history, freedom struggles, and enduring friendship provide a strong foundation for the future,” Shri Goyal said. He invoked Mahatma Gandhi’s journey in South Africa as a symbol of the deep bonds between the two regions.

Calling the Global South the true voice of the developing world, Shri Goyal urged African nations to work with India at multilateral platforms like the WTO to create common objectives and influence global decision-making. He emphasized collaboration in agriculture technologies, renewable energy, generic medicines, critical minerals, and youth partnerships, noting that the young populations of India and Africa will define the future.

Inviting all African nations to expand engagement with India at scale, Shri Goyal 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.”