India's trade with Mozambique growing

New Delhi, Mar 28 (ANI): Union Commerce Minister Anand Sharma today expressed optimism over the growing trade and investment between India and Mozambique.

During a bilateral meeting with his Mozambiqueian counterpart Armando Inroga here Sharma expressed optimism over the growing trade between the two countries, as reflected in the annual bilateral trade for the year 2009-10 between the two countries was 427.13 million dollars with our exports amounting to 358.37 million dollars and imports amounting to 68.76 million dollars.

Sharma said: "In order to exploit the true potential of bilateral trade in a more diversified area, we set up a target of 1billion dollars by the year 2013 during the visit of the President of Mozambique last year.

"We hope that the trade targets could be achieved," he added.

He further 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 64.17 million dollars in energy, mineral resources, agro-industries, transport and communication, food processing, coconut and cashew processing sectors.

Sharma observed that India is now among five major trading partners of Mozambique.

He also 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 and electronic goods.

The major items of exports from India are: dried vegetables, raw cashew nuts and coconut, scrap metal, titanium minerals, precious and non-precious stones. The major items of imports are: petroleum and bitumen minerals, medicines, steel and related products, textiles garments, minerals/fertilizers and cement. (ANI)