Anand Sharma, Union Minister for Commerce & Industry, in a bilateral meeting with Mr. Armando Inroga, with Minister of Industry & Commerce of Mozambique here today, expressed optimism over the growing trade and investment between the two countries, as reflected in the annual bilateral trade for the year 2009-10 between the two countries was US $ 427.13 million with our exports amounting to US $ 358.37 million and imports amounting to US $ 68.76 million. Shri Sharma in the meeting said, “In order to exploit the true potential of bilateral trade in a more diversified area, we sat up a target of US $ 1billion by the year 2013 during the visit of the President of Mozambique last year. We hope that the trade targets could be achieved”. The Minister expressed happiness over the Investment from India to Mozambique has been growing well. India was the fourth largest investor in Mozambique in 2009 with investments of US $ 64.17 million in energy, mineral resources, agro-industries, transport and communication, food processing, coconut and cashew processing sectors.
Shri Sharma during the meeting observed that, India is now among five major trading partners of Mozambique. The volume of trade between the two countries increased by 73% from US $172.77 million in 2008 to US $ 299.92 in 2009 largely due to increase in exports from India to Mozambique. India’s exports to Mozambique increased by 71% rising from US $ 144.37 million in 2008 to US $ 247.01 million in 2009. Union Minister of Commerce informed his counterpart about the great potential to increase India’s exports in the field of drugs and pharmaceuticals, transport equipments, cotton yarn, fabrics, plastic and linoleum products, primary and semi-finished iron and steel, cement, medical and surgical equipments, inorganic/organic/agro-chemicals, electronic goods, etc.
Shri Sharma extended a warm welcome to the Mozambique Minister and the accompanying delegation at the 7th CII EXIM Bank Conclave on India- Africa project Partnership. He also expressed happiness that Mozambique is the partner country at the Conclave this year.
The major items of exports from India are: dried vegetables, raw casher nuts and coconut, scrap metal, titanium minerals, precious and non-precious stones, etc. And the major items of imports are: petroleum and bitumen minerals, medicines, steel and related products, textiles garments, minerals/fertilizers, cement, etc. It is to be noted that India already has the agreement on Bilateral Investment Promotion and Protection (BIPPA) and the Double Taxation Avoidance Agreement (DTAA) between the two countries. BIPPA and DTAA would further spur investments in both countries.