India, Japan eye joint investments in Africa for critical mineral supply, says FICCI President

India and Japan are exploring the potential of joint investments in Africa to secure critical mineral supplies and bolster mining capabilities, according to Anant Goenka, President of the Federation of Indian Chambers of Commerce and Industry (FICCI). The business leaders from both countries are meeting in Tokyo to discuss opportunities for investment and partnership.

Goenka highlighted the growing dependency on China for critical minerals and stressed the importance of securing these resources in Africa. Over 200 Indian business leaders, along with Commerce and Industry Minister Piyush Goyal, are participating in the discussions in Japan. The focus areas for investment include AI, data centres, shipbuilding, critical minerals, steel, and semiconductors.

Goenka also expressed concerns about the widening trade deficit with Japan since the signing of the economic partnership agreement in 2011, emphasizing the need to improve access to Japanese markets and enhance the quality of Indian products to match Japanese standards.