India and Africa are considering the use of the rupee in trade to enhance commercial relations, according to Noel Tata
New Delhi [India], August 21 : Noel Tata, Chairman of the CII Africa Committee and Chairman of TATA International Ltd., highlighted the increasing need for innovative financial strategies to address challenges in India-Africa trade during the 19th edition of the CII India-Africa Business Conclave in New Delhi.
He specifically pointed to Rupee trade as a possible solution, stating, "To tackle these challenges, we are considering the concept of Rupee trade."
Tata emphasized the significance of fostering mutual trust between financial institutions in India and Africa, as this would facilitate greater participation from the private sector.
"Our objective is to build mutual trust between our (India and Africa) financial institutions and to increase private sector involvement, thus enabling the adoption of innovative financial solutions," he added.
Tata also spoke about India’s long-term goal of reinforcing its economic ties within multilateral frameworks like the African Continental Free Trade Area (AfCFTA).
He noted that maintaining and strengthening these partnerships would help cement India's role as a "Biswabandu" or "Friend of the World," a status India aims to uphold globally.
"Our aim is to sustain and enhance our partnerships with multilateral frameworks such as the African Continental Free Trade Area. We seek to solidify India's position as a Biswabandu on the global stage," Tata remarked.
Sanjiv Puri, President of CII and Chairman of ITC, focused on the agricultural sector, which has emerged as a key area for India-Africa collaboration.
Puri highlighted joint ventures in agro-processing and seed technology transfer as essential paths to increasing agricultural productivity and ensuring food security across Africa.
"Joint ventures in agro-processing, seed technology transfer, and digital agri-transformation offer promising opportunities for collaboration, enhancing agricultural productivity and enabling food security," Puri stated.
Puri also reiterated the Indian industry's commitment to aligning with the Indian government's approach of providing "appropriate, affordable, and adaptable solutions" tailored to Africa's specific needs. He emphasized Africa's rich resources and their potential in promoting sustainable solutions globally, with India ready to partner in this effort.
"The Indian industry is dedicated to aligning with the Indian government's mantra of offering appropriate, affordable, and adaptable solutions suited to Africa's needs," Puri noted.
He added, "Africa's abundant resources hold significant promise for advancing sustainable solutions worldwide, and India is eager to collaborate in this endeavour."
Moreover, Puri highlighted that the African Continental Free Trade Area presents new opportunities for Indian industries. He urged Indian businesses to explore these prospects by developing regional production networks and engaging actively in African industrial trade.
"The African Continental Free Trade Area offers many new opportunities for Indian industry to develop regional production networks and participate in African industrial commerce," Puri concluded.