India-Africa are exploring rupee trade, to improve Economic Cooperation
At the 19th edition of the CII India-Africa Business Conclave held in New Delhi, prominent business leaders emphasised the need for innovative financial solutions to bolster trade relations between India and Africa.
The event highlighted potential strategies to overcome existing challenges and strengthen economic partnerships.
Noel Tata, Chairman of the CII Africa Committee and TATA International Ltd., stressed the importance of exploring new financial mechanisms.
“To address these challenges, we are exploring the concept of Rupee trade,” Tata stated, pointing to this as a possible solution to current trade obstacles.
Tata underscored the significance of building trust between financial institutions in both regions. “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 explained.
The TATA chairman also outlined India’s long-term vision for economic cooperation within multilateral frameworks such as the African Continental Free Trade Area (AfCFTA).
He noted that these partnerships would reinforce India’s global position as a “Biswabandu” or “Friend of the World.”
Sanjiv Puri, President of CII and Chairman of ITC, focused on the agricultural sector as a key area for India-Africa collaboration.
