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India, Zimbabwe to deepen investment, trade ties


Harare (Zimbabwe) : India and Zimbabwe have agreed to further strengthen bilateral trade and investment ties even as the two countries expedite the ratification process of a Bilateral Investment Promotion and Protection Agreement.

“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,” Minister of State for Commerce and Industries Jyotiraditya M. Scindia said at a press conference here Wednesday.

“India 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,” he added.

Scindia earlier held talks with Zimbabwean Industry and Commerce minister Welshman Ncube.

During the meeting the two leaders “agreed to expedite the ratification of Bilateral Investment Promotion and Protection Agreement,” an official statement released after the meeting said.

Scindia said there were scope for significant diversification and increase in India-Zimbabwe bilateral trade.

Bilateral trade between India and Zimbabwe was $125 million in 2010-11. Scindia said there was scope to substantially increase this.

“In the coming years, the maximum growth will be from South-South trade amongst the countries of Asia, Africa and Latin America,” he said.

He said Indian government-run firms like Indian Railway Construction Company (IRCON) and Rail India Technical and Economic Services (RITES) could assist Zimbabwe in expanding and rehabilitating its rail infrastructure.