Commerce and Industry Minister Piyush Goyal said India and Africa should aim to double bilateral trade to $164 billion by 2030.
Current two-way trade stands at $82 billion in 2024-25, with India’s exports at $42 billion and imports at $40 billion.
Trade has grown from $56 billion in 2015-16 but remains below potential, according to Goyal.
India, Africa Should Look at Doubling Bilateral Trade by 2030: Goyal
He also called for increasing cooperation in areas like critical minerals, agriculture, technology and manufacturing
Commerce and Industry Minister Piyush Goyal X
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India and Africa should look at doubling bilateral trade by 2030 from the current level of USD 82 billion, Commerce and Industry Minister Piyush Goyal said on Friday.
He also called for increasing cooperation in areas like critical minerals, agriculture, technology and manufacturing .
The two-way trade increased from USD 56 billion in 2015-16 to USD 82 billion (India's exports stood at USD 42 billion and imports were USD 40 billion) in 2024-25.
This is suboptimal trade despite huge opportunities, he said, adding "we should look at doubling the trade by 2030. It is a bold target but achievable".
The numbers show that there is a huge untapped potential between the two regions.
"Looking at the current situation across the world, this is an ideal opportunity for us to relook at our engagement," Goyal said at an industry chamber event.
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He also said that India can supply high quality milk products to Mauritius, which can help cool inflation of this commodity in the island nation.
Goyal said that Africa imports motor cars worth USD 20 billion and India's share in this is only USD 2 billion.
"Delta of opportunity is there in this sector," he said adding India can increase import of goods like rough diamonds, gold, petroleum products, and pulses.
African critical minerals like cobalt and copper can help boost battery manufacturing in India.
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