Deepening Economic and Strategic Ties with the African Region among the Key Focus areas of the World Trade Expo
Held from October 17 to October 18, 2024, at Arcade, Expo Center, WTC Mumbai, the fifth edition of World Trade Expo, the premier event of World Trade Center Mumbai and All India Association of Industries (AIAI), will feature more than 30 countries and regions showcasing their unexplored export potential worth USD 117 billion.
The Governor of Maharashtra, H.E. Shri C.P. Radhakrishnan, has graciously agreed to serve as the Expo’s Chief Guest and present the Keynote Address, which will focus on “Innovation for Sustainability with a Focus on Green and Renewable Energy.” Mr. Ajay Shankar, a distinguished fellow of The Energy and Resources Institute (TERI) and a former secretary of the Indian government’s DIPP, will also speak at the first session on October 17, 2024.
Another special session on “Green & Renewable Energy” will take place after it, and at 2:00 pm, the Chief Guest and keynote speaker will be none other than Shri. Hardeep Singh Puri, the hon. minister for Petroleum & Natural Gas, Government of India.
The participating nations and regions’ ambassadors and trade missions will highlight the potential for commerce, investment, tourism, education, and technology exchange in their nations. Developed and developing nations from the Americas, Europe, Africa, and Asia will be present at the event. Together, these nations supply 28% of India’s merchandise trade, 35% of its merchandise exports, and 24% of its merchandise imports. India and they had a trade deficit of more than USD 10 billion in FY24. Their importance to India’s energy, mineral, and food security is highlighted by the fact that they are the country’s main suppliers of ores and minerals, semiconductors, other electronic spare parts, coal, and agricultural commodities like edible oils.
With the participating nations, India has unrealized export potential of USD 117 billion in industries like textiles, pharmaceuticals, chemicals, automobiles and their components, machinery, etc. The United States of America presents a staggering untapped export potential of USD 46 billion in industries like machinery, automobiles and componentry, pharmaceuticals, and gems and jewelry. Agrochemicals like pesticides, diamonds, iron and steel, jewelry, and automobiles are among the goods with the biggest export potential in the majority of these participating nations. India’s potential for exports by nation is listed in the press note’s attachment.
India has free trade agreements with a large number of these nations, including Mauritius, Malaysia, Sri Lanka, and South Korea. The ten ASEAN nations, with whom India has a trade deal, include other participating nations like Indonesia, Vietnam, and Thailand. India inked a trade agreement with Norway this year; both countries are members of the European Free Trade Association (EFTA), and the Expo will highlight trade and investment opportunities between them.
Several of the participating nations, including South Korea, Vietnam, and Malaysia, may work with India in strategically important fields like electronics and semiconductors.
Delegates get the opportunity to investigate trade and investment prospects with several developing African nations, including South Africa, Ghana, Ethiopia, Kenya, and Uganda, which have favorable business environments in the manufacturing, agricultural, and service sectors.
African diplomats from Zimbabwe, Uganda, Ghana, Egypt, Ethiopia, and South Africa will gather for a special roundtable discussion on new avenues for cooperation in fields like space science, education, skill development, sustainable development, food security, and energy security. The African Continental Free Trade Area (AfCFTA) and its potential benefits for Indian business will also be covered by the Roundtable.
Dr. Vijay Kalantri, Chairman of WTC Mumbai and President of the All India Association of Industries (AIAI), discussed the importance of the World Trade Expo by saying, “This Expo will be a promising platform for Indian MSMEs, startups, and large companies to explore alternative markets for trade and investment at a time when India’s merchandise exports have been falling consecutively for the last two months due to disruption in global trading routes.” In addition to trade and investment, the Expo will cover cooperation with the participating nations in developing fields including gender equality, climate-smart technology, skill development, green energy, and MSMEs’ and start-ups’ capacity building.
July and August saw a 1.8% and 9.3% decrease in India’s merchandise exports, following three months of straight increases since April.
Ms. Rupa Naik, Executive Director, WTC Mumbai, highlighted the main result of the World Trade Expo by saying, “We have received an overwhelming response from developing and developed countries who are looking at India to diversify their trade and investment.” I’m sure that this Expo, which is being held in almost 30 illustrious nations, will present fresh business prospects for our MSMEs, female entrepreneurs, startups, and even big corporations.The two-day Expo will feature cultural programs, a roundtable discussion with African ambassadors, an exhibition, and high-impact country presentations..
