India-Africa are exploring rupee trade, to improve commerce: Noel Tata

Noel Tata, Chairman of the CII Africa Committee and Chairman of TATA International Ltd. emphasized the growing need for innovative financial strategies to overcome challenges in India-Africa trade at the 19th edition of the CII India-Africa Business Conclave in New Delhi.

He particularly highlighted the concept of Rupee trade as a potential solution, stating, “To address these challenges, we are exploring the concept of Rupee trade.”

Tata underlined the importance of building mutual trust between financial institutions in India and Africa, stressing that this would pave the way for broader private-sector participation.

“Our goal is to build mutual trust between our (India and Africa) financial institutions and expand private sector participation, thereby facilitating the implementation of innovative financial solutions,” he added.

Tata further articulated India’s long-term vision of strengthening its economic partnerships within multilateral frameworks like the African Continental Free Trade Area (AfCFTA).

He pointed out that maintaining and enhancing these partnerships would help solidify Noel India’s role as a “Biswabandu” or “Friend of the World,” a position India aspires to uphold on the global stage.

“Our goal is to maintain and enhance our partnerships with multilateral frameworks such as the African continental free trade areas. Our aim is to solidify India’s position as a Biswabandu of the world,” Tata remarked.

Sanjiv Puri, President CII and Chairman ITC in his address, focused on the agricultural sector, which has emerged as a promising area for India-Africa collaboration.

Puri highlighted joint ventures in agro-processing and seed technology transfer as critical avenues for enhancing agricultural productivity and ensuring food security across Africa.

“Joint ventures in agro-processing and seed technology transfer and also agri transformation from digital offer promising avenues for collaboration, adding to agriculture productivity and enabling food security,” Puri stated.

Puri also reaffirmed the Indian industry’s commitment to align with the Indian government’s approach of providing “appropriate, affordable, and adaptable solutions” tailored to Africa’s specific needs. He emphasized the immense potential of Africa’s rich resources in promoting sustainable solutions globally, with India ready to partner in this endeavour.

“The Indian industry is committed to aligning with the Indian government’s mantra of appropriate, affordable and adaptable solutions in line with Africa’s needs,” Puri noted.

He added, “Africa’s rich resources hold immense promise for supporting the development and promotion of sustainable solutions across the world, and India is keen to partner in this endeavour.”

Furthermore, Puri pointed out that the African Continental Free Trade Area presents new opportunities for Indian industries. He encouraged Indian businesses to explore these possibilities by developing regional production networks and actively participating in African industrial commerce.

“The African continental free trade area opens up many new possibilities for Indian industry in developing regional production networks and participating in African industrial commerce,” Puri concluded.