New Delhi [India], August 22 (ANI): Sunil Barthwal, Commerce Secretary, identified four key sectors poised for substantial collaboration- automotive, agriculture and agro-processing, pharmaceuticals, and transport and logistics, at the final day of 19th CII India-Africa Business Conclave, organized by the Confederation of Indian Industry (CII) in partnership with the Ministry of External Affairs and the Ministry of Commerce & Industry.
He said, “Identified four potential sectors, and this is very important for everybody to understand. And these four sectors are automotive, second one is agriculture and agro-processing third one is pharmaceuticals and the fourth one is transport and logistics.”
He added, “And we firmly believe that these sectors have huge potential for collaboration in terms of investment, trade, technology empowerment and capacity building between Africa and India. Agriculture remains a critical sector in India Africa, and trade. Currently, the majority of Africa’s essential food imports originate from outside the continent.”
Barthwal emphasized the growth in trade between the two regions, noting that India’s total trade with Africa reached nearly USD 100 billion in the fiscal year 2022-23.
This represents the highest trade level ever recorded between the two regions. Barthwal projected that with the current growth trajectory, bilateral trade could double to approximately USD 200 billion by 2030.
He said, “India’s total trade with Africa reached close to US dollar 100 billion in 2022-23 recording the highest level ever witnessed by both regions, there is no doubt that with this speed and this growth rate, we should be able to double our trade by 2030, this will be about USD 200 million.”
Despite its own food security challenges, India has prioritized supporting African nations through government-to-government arrangements. India continues to supply essential commodities, such as rice, to maintain stability and food availability in Africa.
Barthwal said, “India continues to supply essential commodities like rice, to ensure stability and food availability in African countries. This commitment highlights India’s solidarity with Africa, particularly in times of need, ensuring that our partnership remains robust and responsive.”
He added, “Indian pharmaceutical companies are playing a vital role in improving health care access and affordability in Africa, with pharmaceutical exports from India to Africa at USD 3.8 billion in 2023. We see much higher trade growth potential in view of the need to provide affordable medicines and affordable healthcare in Africa, not only through collaboration in the manufacturing of medical equipment.”
India is committed to offering trade-related capacity-building programs in areas such as trade facilitation, promotion, finance, policy, and negotiations. Barthwal urged both regions to leverage their combined strengths to maximize economic benefits for their people, the global south, and the world at large.
Barthwal said, “India and African countries share strong common views and interest on issues related to food security, agriculture, technology transfer, policy space for industrial development and WTO reformers, we must remain together. And this is very, very important the way there has been a fragmentation of the whole globe.”
He added, “India is also willing to offer trade-related capacity-building programs in areas such as trade facilitation, trade promotion, trade finance, trade policy and trade negotiations. Let us work on the new opportunities and leverage our combined strengths to derive maximum economic benefits for the people of India, Africa, the global south and the world as a whole.” (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.