India, Mozambique to raise bilateral trade to $1 bn - Express India
New Delhi India and Mozambique have decided to renew their strategic political and economic partnership and set a target for bilateral trade at $ one billion by 2013.
India has agreed to provide a line of credit of $500 million for infrastructure projects, agriculture and energy. India will support the establishment of training and planning institutions in Mozambique to support capacity building in the coal industry. India will also support capacity building for the defence and police forces of Mozambique.
It is to be noted that in May 2010, India announced a line of credit of $25 million for rural electrification, and in all, six LOCs amounting to $ 140 million are operational or have been completed. A grant of US $ 4.5 million to provide equipment to build capacities of Mozambique's police force was also announced.
Both sides have identified specific areas of common interest that will allow the establishment of an India-Mozambique partnership and agreed that high official delegations should meet to discuss ways to build a sustainable and mutually beneficial partnership.
Mentioning that India's relationship with Mozambique dated back to pre-colonial days, the Indian Prime Minister Dr Manmohan Singh said : "We both belong to the same Indian Ocean community and we share common concerns. It is in our mutual interest to ensure the safety and security of sea lanes of communication in the Indian Ocean. Our relations are therefore warm, cooperative and marked by deep mutual understanding and friendship."
The Mozambique President Armando Emilio Guebuza and Dr Singh on Thursday agreed to build upon the solid foundations of the past, and create a partnership based on the following four pillars -- greater political engagement, deepening economic cooperation, strengthening defence and security cooperation and cooperation in capacity building and human resource development
.
"We have agreed to exploit our mutual complementarities in areas of trade and economic cooperation, transportation, railways, mining, coal, agriculture, small and medium enterprises and science and technology," said Dr Singh
President Guebuza is on a 6-day official visit to India from September 29 and is accompanied by a high powered official and business delegation.
An agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed between the two countries. Also two MoUs on cooperation in the areas of mineral resources and micro, small and medium enterprises was signed. It was agreed that the Ministerial Joint Commission will meet in the next six months to take the proposals forward.
Mozambique is rich in mineral resources and has large reserves of untapped minerals, ores and coal and will become a major producer soon. Moreover, most of the cashew produced in the country is exported to India. Mozambique also exports pulses to India
Both sides agreed to develop such complementarities to expand trade. It was agreed that greater efforts to diversify and expand trade will be made. India welcomed Mozambique\'s accession to the Duty Free Tariff Preference (DFTP) scheme for Least Developed Countries (LDCs) offered by India to provide greater market access.
India figures among Mozambique's top 10 trading partners both in terms of import and export. Bilateral trade has grown from $178.15 million in 2005-06 to $220.91 million in 2006-07, $490.18 million in 2007-08, $459.38 million in 2008-09, but dipped marginally to $427.14 million in 2009-10. But even as the bilateral trade marked a dip, the trade balance shifted in favour of Mozambique. Indian exports to Mozambique fell by 16.16% in 2009-10 while Mozambique's imports into India increased by 115.30%
Noting that India is ranked as the fourth largest investor in Mozambique in 2009 with investments of US$64.17 million in the sectors of energy, mineral resources, agro-industries, transport and communication, food processing, and coconut and cashew processing, both sides decided that greater investment promotion efforts will be made to encourage Indian FDI in Mozambique.
India welcomes the decision of Mozambique to be a partner country at the CII-EXIM Bank India-Africa Conclave in 2011 and considers that this would be a good event to highlight the opportunities of increasing Indian FDI in Mozambique.
It was decided to set up India-Mozambique Coal Partnership keeping in view the potential for growth and optimal utilization of resources in Mozambique for its development. India will establish an apex institute for training in the coal sector and an apex planning institute for the coal industry in Mozambique, which will be open to the countries of the SADC region
New Delhi India and Mozambique have decided to renew their strategic political and economic partnership and set a target for bilateral trade at $ one billion by 2013.
India has agreed to provide a line of credit of $500 million for infrastructure projects, agriculture and energy. India will support the establishment of training and planning institutions in Mozambique to support capacity building in the coal industry. India will also support capacity building for the defence and police forces of Mozambique.
It is to be noted that in May 2010, India announced a line of credit of $25 million for rural electrification, and in all, six LOCs amounting to $ 140 million are operational or have been completed. A grant of US $ 4.5 million to provide equipment to build capacities of Mozambique's police force was also announced.
Both sides have identified specific areas of common interest that will allow the establishment of an India-Mozambique partnership and agreed that high official delegations should meet to discuss ways to build a sustainable and mutually beneficial partnership.
Mentioning that India's relationship with Mozambique dated back to pre-colonial days, the Indian Prime Minister Dr Manmohan Singh said : "We both belong to the same Indian Ocean community and we share common concerns. It is in our mutual interest to ensure the safety and security of sea lanes of communication in the Indian Ocean. Our relations are therefore warm, cooperative and marked by deep mutual understanding and friendship."
The Mozambique President Armando Emilio Guebuza and Dr Singh on Thursday agreed to build upon the solid foundations of the past, and create a partnership based on the following four pillars -- greater political engagement, deepening economic cooperation, strengthening defence and security cooperation and cooperation in capacity building and human resource development
.
"We have agreed to exploit our mutual complementarities in areas of trade and economic cooperation, transportation, railways, mining, coal, agriculture, small and medium enterprises and science and technology," said Dr Singh
President Guebuza is on a 6-day official visit to India from September 29 and is accompanied by a high powered official and business delegation.
An agreement for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income was signed between the two countries. Also two MoUs on cooperation in the areas of mineral resources and micro, small and medium enterprises was signed. It was agreed that the Ministerial Joint Commission will meet in the next six months to take the proposals forward.
Mozambique is rich in mineral resources and has large reserves of untapped minerals, ores and coal and will become a major producer soon. Moreover, most of the cashew produced in the country is exported to India. Mozambique also exports pulses to India
Both sides agreed to develop such complementarities to expand trade. It was agreed that greater efforts to diversify and expand trade will be made. India welcomed Mozambique\'s accession to the Duty Free Tariff Preference (DFTP) scheme for Least Developed Countries (LDCs) offered by India to provide greater market access.
India figures among Mozambique's top 10 trading partners both in terms of import and export. Bilateral trade has grown from $178.15 million in 2005-06 to $220.91 million in 2006-07, $490.18 million in 2007-08, $459.38 million in 2008-09, but dipped marginally to $427.14 million in 2009-10. But even as the bilateral trade marked a dip, the trade balance shifted in favour of Mozambique. Indian exports to Mozambique fell by 16.16% in 2009-10 while Mozambique's imports into India increased by 115.30%
Noting that India is ranked as the fourth largest investor in Mozambique in 2009 with investments of US$64.17 million in the sectors of energy, mineral resources, agro-industries, transport and communication, food processing, and coconut and cashew processing, both sides decided that greater investment promotion efforts will be made to encourage Indian FDI in Mozambique.
India welcomes the decision of Mozambique to be a partner country at the CII-EXIM Bank India-Africa Conclave in 2011 and considers that this would be a good event to highlight the opportunities of increasing Indian FDI in Mozambique.
It was decided to set up India-Mozambique Coal Partnership keeping in view the potential for growth and optimal utilization of resources in Mozambique for its development. India will establish an apex institute for training in the coal sector and an apex planning institute for the coal industry in Mozambique, which will be open to the countries of the SADC region
