New Delhi: Union Commerce and Industry Minister Piyush Goyal on Tuesday said that India plans to deepen ties with Africa in areas such as solar energy, defense trade, physical and digital infra, and healthcare and pharma.
Africa is India’s fourth largest trading partner, with its trade trade increasing to $89 billion in 2021-22 from $67 billion in 2019-20. India exports goods worth $40 billion to Africa and imports worth $49 billion from various countries in the continent.
Speaking at an industry event, Goyal said the India-Africa partnership will play an important role as they together account for a third of the world’s population and are aligned in many sectors.
Goyal referred to India’s support from South Africa on TRIPS (Trade Related Aspects of Intellectual Property Rights) exemption.
The Minister said that India can support Africa in its startup journey, which has successfully created the world’s third largest startup ecosystem with over 110 unicorns in India.
“I believe that we can work together to co-build the startup ecosystem in different African countries,” Goyal said.
He said that the Department for Promotion of Industry and Internal Trade (DPIIT) would be pleased to engage with Africa to see how the expertise gained over the years can help the region.
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