Minister sees India-Africa lead in renewable energy
Commerce and Industry Minister Piyush Goyal has expressed confidence in doubling India-Africa trade volume to US$200 billion by 2030, having reached almost US$100 billion in FY2022-23, a year-on-year growth of 9.26%.
The exports and imports were approximately balanced with exports being US$51.2 billion and imports being US$46.65 billion in FY 2022-23, he said in keynote address at the 18th CII-EXIM Bank Conclave on ‘India-Africa Growth Partnership’ in New Delhi on 15 June 2023.
Twenty-seven Least Developed Countries (LDCs) of Africa benefit from the Duty-Free Tariff Preference on non-reciprocal basis already, he said, adding that Free Trade Agreements (FTAs) and Comprehensive Economic Partnership Agreements (CEPAs) can be explored with other African countries as well.
The Minister also underlined his recent interaction with 15 ambassadors from the African region, saying it was a step towards strengthening this bilateral relationship.
“Africa will be at the top of our priorities. We will continue to intensify and deepen our engagement with Africa. As we have shown, it will be sustained and regular,” he reiterated.
Goyal said that the India-Africa relationship has the potential to help fulfil dreams and aspirations of around one-third of the world’s population.
“Both India and Africa are blessed with demographic dividend and with skill development and education of youth, this partnership can drive the global progress in this century.”
Goyal reiterated his call for collaboration between India and Africa in the field of renewable energy to make the dream of “One World, One Grid” come true.
He said that India and Africa are uniquely poised to become the leaders in production of renewable energy especially solar energy with interconnected grids through overland and underwater transmission lines.
The Minister said that this potential of affordable energy for all throughout the day must be leveraged effectively and praised the participation of more than 20 African countries in the International Solar Alliance (ISA).
“India strongly believes that Africa’s rise globally is an absolute necessity in present times and is working together in a fast-track manner to achieve this ambition.”
India’s Startup Revolution and Digital Public Infrastrcuture like Unified Payment Interface (UPI), CoWIN, One Nation One Ration Card (ONORC), Open Network for Digital Commerce (ONDC) have been helpful in enhancing Ease of Doing Business and ease of living. These can be replicated successfully for the benefit of Africa, he pointed out.
Goyal also suggested exploring further cooperation in the field of logistics like roadways, railways and ports as well as a diverse, robust and resilient supply chain between Africa and India.
He noted that the Conclave, first held in 2005, has since blossomed and strengthened the relations between India and Africa, and is bringing together business leaders and policymakers from both sides on to one platform for further enhancing the partnership. fiinews.com
