Press Information Bureau

Government of India

Ministry of Commerce & Industry

20-March-2012 18:00 IST

India-Zimbabwe trade Doubles in four years

Anand Sharma Meets Vice-President of Zimbabwe

The Union Minister of Commerce Industry and Textiles Shri Anand Sharma called on the Vice-President of Zimbabwe Mrs. Joice Mujuru, here today. Both the leaders expressed happiness at reaching Bilateral Trade of US $ 125 mn in Financial Year 2010-11, with India’s exports to Zimbabwe amounting to US $ 114 mn and imports from Zimbabwe amounting to US $ 11 mn. Bilateral Trade has shown an impressive growth, increasing from US $ 64.02 mn in 2006-07 to US $ 125 mn in the year 2010-11, i.e. almost doubling in the last 4 years.

The Indian Minister requested the Zimbabwean side to ratify BIPPA which was signed in 1999 as it will help in increasing the investments in both countries. Indian side signed the Instrument of Ratification and the Ratification of the Agreement is awaited from Zimbabwe side .

Shri Sharma conveyed India’s special interest in cooperation in Zimbabwe in the mining, power generation, railway, ICT and agricultural sector in Zimbabwe and noted India’s continued interest in education and capacity building programmes in Africa and in Zimbabwe in particular, through the India-Zimbabwe SME project and by sponsoring Zimbabweans for study programmes under the ITEC and other courses. “In fact the tripod on which the India-Africa relationship stands today with the resonance of South-South cooperation is that of technology, trade and training. We have created a three-tiered cooperation at Pan-African, regional and bilateral levels with the continent of Africa,” said Shri Sharma.

With regard to a request for Line of Credit of US$ 100 million for revamping and rehabilitating health sector in Zimbabwe, a team of three experts from Hospital Services Consultancy Corporation Ltd. visited Zimbabwe from January 15-20, 2012 for a feasibility study of Parirenyatwa Group of Hospitals and will submit report.

Zimbabwe is the focus country for CII- EXIM Bank Conclave on India- Africa project Partnership (18-20 March) and the delegation is also visiting Bengaluru on 21-23 March and Pune on 23-26 March.

DS/gk

BIPPA ratification urged to boost bilateral investment and sectoral cooperation, prompting feasibility support and credit discussions. India urged ratification of the BIPPA (1999) after depositing its instrument of ratification, seeking to facilitate bilateral investment and deepen cooperation in mining, power, railways, ICT, agriculture and capacity building; parallel development-finance engagement included discussion of a Line of Credit for health-sector rehabilitation and a feasibility study by expert consultants.