India can supply cars, milk products to Africa, procure gold, diamonds, agri goods in exchange: Piyush Goyal

Commerce and industry minister Piyush Goyal Friday offered to import those products from African countries which are hurt by third country actions. At the CII India-Africa Business conclave, he said that India can supply motor cars and milk products to Africa and in lieu of that, Africa can provide diamonds, gold, petroleum products, agricultural products, pulses and lentils.

“Maybe some of your businesses hurt by third country actions, and we can import those products from you into India,” Goyal said.

He also said that India and Africa should look at doubling bilateral trade by 2030 from the current level of $82
billion and increase cooperation in areas such as critical minerals, agriculture, technology and manufacturing.

”This is suboptimal trade despite huge opportunities…Looking at the current situation across the world, this is an ideal opportunity for us to relook at our engagement,” Goyal said.

He also said India can supply high quality milk products to Mauritius, which can help cool inflation of this commodity in the island nation. Goyal said Africa imports motor cars worth $20 billion and India’s share in this is only $2 billion.

“Delta of opportunity is there in this sector,” he said adding India can increase import of goods such as rough diamonds, gold, petroleum products, and pulses. African critical minerals such as cobalt and copper can help boost battery manufacturing in India.

The minister also said that India and Africa should work together to have a common perspective at multilateral organizations like the World Trade Organization (WTO), sharing experiences and creating common objectives, or common stand in the WTO.