INDIA AIMS TO DOUBLE EXPORTS TO AFRICAN NATIONS BY 2030
India aims to double its exports to African countries to $200 billion by 2030, focusing on sectors like automobiles, agriculture, pharmaceuticals and logistics, commerce secretary Sunil Barthwal said on Thursday, identifying the continent as a key destination for Indian dispatches.
Speaking at the 19th India-Africa Business Conclave, Barthwal emphasised Africa’s potential as an emerging market for Indian exports and suggested Indian firms could play a crucial role in enhancing the region’s food security through seed technology sharing and establishing incubation centres. India’s bilateral merchandise trade with African nations reached $100 billion in 2022, Barthwal noted.
The conclave, organised by the Confederation of Indian Industry (CII), was attended by vice presidents from Burundi, Gambia, Liberia, Mauritius and Zimbabwe. Dammu Ravi, secretary of economic relations at the ministry of external affairs, urged Indian investors to establish a strong presence in African manufacturing zones and consider expanding special economic zones in Africa.
Barthwal highlighted four potential areas of trade identified by the African Continental Free Trade Area: automobiles, agriculture and agro-processing, pharmaceuticals, and transportation and logistics. “We firmly believe that these sectors have huge potential for collaboration in terms of investment, trade, technology and capacity building between Africa and India,” Barthwal said.
India’s pharma exports to Africa stood at $3.8 billion in 2023, with potential for significant growth, he added. Barthwal also noted Africa’s capacity to supply critical minerals crucial for India’s energy transition.
Gambian Vice President Muhammad BS Jallow said the conclave facilitated discussions with Indian companies in key areas such as energy, infrastructure development, affordable housing and healthcare.