India, Zimbabwe to cooperate in food processing, gems & jewellery, skill training
Updated: Jan 28, 2014 03:44:11pm
Bengaluru, Jan 28 (KNN) Meeting his counterpart from Zimbabwe today, the Union Minister of Commerce and Industry, Anand Sharma put forward his views on cooperation in ago / food processing sector, gems and jewellery, lines of credit and various capacity building programmes.
Sharma met Minister of Industry and Commerce, Zimbabwe M C Bimha, on the sidelines of the Partnership Summit 2014 here.
“Both the sides noted that the present levels of bilateral trade and investment are much below the potential, and that there was a need for revival of Zimbabwe’s manufacturing sector, and greater value addition and beneficiation of natural resources, for Zimbabwe to increase the value of its exports,” an official release said.
Sharma was also briefed the Zimbabwean Minister about the current status of USD 750 million iron ore deal between Essar and the Government of Zimbabwe.
“Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe,” Sharma said, while Bimha conveyed that in the last two months, most of the issues have been addressed and conveyed the commitment to help Indian investors.
Sharma will be visiting Zimbabwe in first week of February during which both sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.
“Both the leaders also reviewed the status of Line of Credit projects in Zimbabwe. India, in September 2012, approved a Line of Credit (LOC) worth USD 28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe. The agreement was signed between Exim Bank and Zimbabwean authorities in June 2013 to implement the LOC. Water and Power Consultancy Services (WAPCOS), a Government of India PSU was appointed as Project Implementation Consultant for the project in November 2013,” the release said.
With these significant developments already in place, Sharma expressed the hope that the LOC will be implemented expeditiously.
Sharma also asked for a proposal from Zimbabwe for Indian Institute of Foreign Trade’s offer to conduct an Executive Development Programme on International Business in Zimbabwe. (KNN/ES)
Sharma met Minister of Industry and Commerce, Zimbabwe M C Bimha, on the sidelines of the Partnership Summit 2014 here.
“Both the sides noted that the present levels of bilateral trade and investment are much below the potential, and that there was a need for revival of Zimbabwe’s manufacturing sector, and greater value addition and beneficiation of natural resources, for Zimbabwe to increase the value of its exports,” an official release said.
Sharma was also briefed the Zimbabwean Minister about the current status of USD 750 million iron ore deal between Essar and the Government of Zimbabwe.
“Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe,” Sharma said, while Bimha conveyed that in the last two months, most of the issues have been addressed and conveyed the commitment to help Indian investors.
Sharma will be visiting Zimbabwe in first week of February during which both sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.
“Both the leaders also reviewed the status of Line of Credit projects in Zimbabwe. India, in September 2012, approved a Line of Credit (LOC) worth USD 28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe. The agreement was signed between Exim Bank and Zimbabwean authorities in June 2013 to implement the LOC. Water and Power Consultancy Services (WAPCOS), a Government of India PSU was appointed as Project Implementation Consultant for the project in November 2013,” the release said.
With these significant developments already in place, Sharma expressed the hope that the LOC will be implemented expeditiously.
Sharma also asked for a proposal from Zimbabwe for Indian Institute of Foreign Trade’s offer to conduct an Executive Development Programme on International Business in Zimbabwe. (KNN/ES)
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