India looks at Africa as partner in progress, says Piyush Goyal at CII-EXIM Bank conclave

Goyal made the remarks while addressing the Confederation of Indian Industry-Exim Bank Conclave on India-Africa Growth Partnership here on Tuesday.

“India and Africa can lead global growth. We look at Africa as partners in progress,” Goyal said.

Both can work together to bring cost-effective solutions in several areas like drinking water, logistics, healthcare, education, fintech, and solar power, among others, the minister said.

Goyal further said India and Africa are working to lead the developing world out of food insecurity

“Efforts are being made to take quality life to the people of India and Africa. Our deep friendship can best be demonstrated by our continuous engagement through the Covid period,” said Goyal.

“Our effort to work as a grouping of developing nations was evident at World Trade Organization Ministerial where we became the voice of developing and less developed countries. We achieved the relevance of the multilateral trading systems and protected our future growth imperatives,” he said.

India is among the top 5 investors in Africa.

Africa is also India’s fourth largest trading partner. Merchandise trade grew by 34 per cent from USD 67 billion in 2019-20 to USD 89 billion in 2021-22.

The Union Minister mentioned four areas that can help fulfill the aspirations of both India and Africa. These comprise solar power to bring clean energy, energy security, jobs to Africa, defence trade, physical and digital infrastructure, and co-creating a startup ecosystem.

On India becoming the world’s third largest startup ecosystem, Goyal said that India can help co-create similar systems in various African nations and grow together.

The CII-Exim Bank event was launched in the year 2005 with the support of the Ministry of External Affairs and the Ministry of Commerce and Industry.

In the last sixteen editions, the Conclave has played a pivotal role in encouraging Indian companies to establish and grow their footprints in Africa.