'Huge scope for diversification of exports to Zimbabwe'

Jyotiraditya Scindia addressing the Business Conference, at Harare on September 20, 2011.

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SME Times News Bureau | 22 Sep, 2011
There is a huge scope for diversification of Indian exports to Zimbabwe, said Minister of state Commerce and Industries Jyotiraditya M. Scindia on Wednesday in Harare, while stressing upon the need to strengthen the investment and trade ties between the two countries.

Addressing more than 400 delegates attending the one-day investment conference on - "Doing Business In Zimbabwe - Investment Opportunities And Challenges" - held in Harare, Scindia said, "There is scope for significant diversification of Indian exports to Zimbabwe, and Zimbabwean exports to India, and to substantially increase the present low level of bilateral trade of US $ 125 mn registered in 2010-11"

Scindia is on a visit to Zimbabwe accompanied by a business delegation.

The two nations are also expected to sign a Bilateral Investment Promotion Agreement (BIPA) on Thursday.

The Indian minister highlighted the fact that in the coming years maximum growth will be from south-south trade amongst the countries of Asia, Africa and Latin America.

Addressing a press conference, Scindia said "When I look at the potential of our bilateral trade and investment relations, I am quite convinced that we have only touched the tip of the iceberg. A resurgent Indian economy has much to offer Zimbabwe in terms of investments, technology, skills, products and services in diverse economic and social streams. The challenge, for all of us, lies in translating this potential and promise into multiple partnerships in diverse business sectors."

Speaking about the potential areas of cooperation between the two countries, he mentioned that Zimbabwe has the world’s largest platinum reserves and also possesses large reserves of gold, coal, asbestos, copper, nickel and iron ore. Indian mining companies could partner Zimbabwean mining majors in key value-added activities.

He also mentioned about other business sectors, such as renewable energy, where Indian and Zimbabwean companies could strike project partnerships.