Noel Tata and Sanjiv Puri Discuss India-Africa Trade and Agriculture at Business Conclave
New Delhi [India], August 21: Noel Tata, Chairman of the CII Africa Committee and 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 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.
Doubts Revealed
Noel Tata -: Noel Tata is a businessman from India. He is part of the Tata family, which owns many big companies in India.
Sanjiv Puri -: Sanjiv Puri is the head of ITC, a big company in India. He is also the President of CII, an important business group in India.
CII -: CII stands for Confederation of Indian Industry. It is a group that helps businesses in India grow and work together.
Rupee trade -: Rupee trade means using India’s money, the Rupee, for buying and selling things with other countries.
AfCFTA -: AfCFTA stands for African Continental Free Trade Area. It is a big agreement to make trade easier between African countries.
Agro-processing -: Agro-processing means turning farm products into other things, like making wheat into flour or milk into cheese.
Seed technology -: Seed technology involves using science to make better seeds that grow into healthier and more productive plants.
Food security -: Food security means making sure everyone has enough good food to eat.
Sustainable solutions -: Sustainable solutions are ways to do things that do not harm the environment and can be used for a long time.