Press Information Bureau

Government of India

Ministry of Commerce & Industry

29-March-2011 17:48 IST

India- Zimbabwe to Cooperate in Mining, Power Generation, Agricultural Sector India Awaits Ratification Process for BIPA: Anand Sharma

Shri Anand Sharma, Union Minister for Commerce & Industry, in a bilateral meeting with Prof. Welshman Ncube, the Minister of Industry & Commerce Zimbabwe, here today, said, “The ratification process for the Bilateral Investment Protection Agreement (BIPA) is complete on our side and we are awaiting the ratification on the Zimbabwean side before exchanging the instruments of ratification and enabling the agreement to become operational”. He further noted that, the BIPA will provide a fillip to Indian investors seeking to enter Zimbabwe. During the bilateral Shri Sharma emphasised, “Indo-Zimbabwe Small & Medium Enterprises project, under which we provided machinery, equipment and training worth US $ 5 million, we are planning to set up a Vocational Training Centre (VTC) in Zimbabwe to further develop skills and capacity in Zimbabwe”. The Minister expressed appreciation over the 54% stake taken by Essar Africa Holdings in Zimbabwe Iron & Steel Company (ZISCO); which would be the largest Indian investment in Zimbabwe.

Shri Sharma noted the possibilities in cooperation in science and technology between India and Zimbabwe, particularly in appropriate technologies in agriculture, agro-processing and renewable energy. He stated that, “Our continued interest in education and capacity building programmes in Africa and in Zimbabwe in particular, is evident in our sponsoring Zimbabweans for study programmes under the ITEC and other courses. We have increased slots from 40 in 2008-09 to 90 for 2010-11 and we hope to cross 100 in 2011-12”.

While reiterating strong and growing trade and investment relationship, Shri Sharma stated that, “Our continuing and accelerating engagement with Africa, the India-Africa Summit in April 2008 and the forthcoming India-Africa Forum Summit in May 2011, would make it more firm in terms of bilateral trade cooperation. India’s carries special interest with Zimbabwe in mining, power generation, railways, ICT and agricultural sector in Zimbabwe”. Prof Ncube while appreciating India’s role said, “Zimbabwe seeks to benefit from Indian assistance, in particular, in the health sector, e-governance, and technology”. Both the Minister underlined the importance to rejuvenate the Joint Trade Committee between India and Zimbabwe.

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Bilateral Investment Protection Agreement pending ratification, enabling greater investment protection and cooperation in key economic sectors. India and Zimbabwe intend to expand cooperation in mining, power, agriculture, railways and ICT, anchored by the Bilateral Investment Protection Agreement which India has ratified and is awaiting Zimbabwean ratification before exchange of instruments; complementary initiatives include an Indo Zimbabwe SME project with machinery, training and a planned Vocational Training Centre, increased technical cooperation training slots, major Indian investment in ZISCO, and the reactivation of the Joint Trade Committee to coordinate trade and investment implementation.