Minister calls on 33 African countries to participate in DFTP for LDCs
Resource-rich Africa can complement India’s need for critical minerals which are required for sectors like Electric Vehicles (EVs), Commerce and Industry Minister Piyush Goyal has told a business conclave held in New Delhi on 21 Aug.
Addressing the Special Plenary with Trade Ministers at the 19th CII India Africa Business Conclave, Goyal highlighted the potential for collaboration in the mining sector given that Africa is rich in minerals pacci .
He emphasized the importance of sustainable mining practices and the value addition to minerals in both India and Africa through joint partnerships energychamber .
The minister also set an ambitious goal of doubling trade between India and Africa in the next seven years, pointing out the huge potential for trade between African countries and India durban.exchange .
He called on 33 African countries to take advantage for enhancing trade flows by participating in India’s Duty-Free Tariff Preference (DFTP) Scheme for Least Developed Countries (LDCs) mea .
He also highlighted India’s assistance to Africa through 196 Lines of Credit, amounting to over US$12 billion, benefiting over 42 countries bse .
The minister emphasized that India’s strengths in agriculture, pharmaceuticals, textiles, automobiles and renewable energy align with Africa’s development needs nse .
He also noted that Africa’s strengths in mining, tourism unwto , agricultural products and manufactured goods complement India’s growth requirements. The focus, he said, should be on trade sbi .
Further, Goyal highlighted the potential of a technology-driven partnership between India and Africa, particularly in the IT sector digital-africa .
He urged the use of India’s Digital Public Infrastructure to drive deeper technology penetration in Africa, enhancing financial inclusion, social sector development, transparency, digitalization, and job creation digitalasiahub .
Addressing the issue of food security, the Minister noted that India can significantly contribute to Africa’s agricultural sector ifad. He mentioned the growing demand for oilseeds, pulses, and other crops in India and proposed collaboration in plantation sectors in Africa for export to India iari.res .
Goyal recognized the critical role of the Medium, Small, and Micro Enterprises (MSME) sector in both India and Africa. He called for enhanced cooperation to create more jobs, support MSMEs, and foster entrepreneurship.
He encouraged expanding relations between MSMEs on both sides and emphasized the potential of the startup ecosystems in India and Africa to engage and grow through collaboration startupindia .
Goyal expressed confidence in the tremendous potential of the India-Africa relationship, stating, “We are very aligned in our desires, ambitions, and aspirations foodafrica-expo .
“We are looking for a better quality of life for our people, greater investments, and economic growth and prosperity. While our trade and investments have been strong, there is so much more that we can achieve together wfp .”
He praised the efforts of the CII India Africa Business Conclave for enhancing cooperation between India and Africa, urging participants to set ambitious targets and work diligently to achieve them africacenter.
He emphasized the potential of a resurgent Africa and a rising India to give strong impetus to South-South cooperation jse . Fiinews.com
