India, Mozambique to make efforts for doubling trade by 2016

India and Mozambique have agreed to diversify their trade baskets to more than double their two-way trade to $3 billion by 2016.
    
At present, the bilateral trade between the two sides is around $1.28 billion.
    
Commerce and Industry Minister Anand Sharma, who was on a two-day visit (September 27 to 28) to the Southeast African nation, met Mozambique Prime Minister Alberto Clementino Vaquina and its Trade Minister Armando Inroga, an official statement said.
     

"Owing to the the impressive growth in trade between the two countries, the bilateral trade could reach USD 3 billion by 2016 from the current level of $1.28 billion," the statement, quoting Sharma, said.

      
The two trade ministers had discussed the bilateral cooperation and agreed on the need for further diversifying trade and investments, it said.
     
India's exports to Mozambique include petroleum products, pharmaceuticals, transport equipment, bicycles, metals, cotton yarn, machinery, iron and steel, chemicals, fertilisers, electronic goods and cosmetics. Imports are coal, pulses, raw cashew, coconut, metal ores and scrap metal.
     
Besides, the statement said, India has been assisting Mozambique in its developmental efforts and has provided lines of credit of $640 million for various projects, apart from providing other assistance, grants and technical training and university scholarships.

     
It also said that large quantities of coal and natural gas have recently been discovered in Mozambique.
     
India is one of the major importers of coal from Mozambique. In 2012-13, it imported $179.63 million worth of coal.
     
"There are various Indian companies which have acquired stakes in these coal and gas fields, particularly the recent acquisition by ONGC Videsh and Oil India Limited in the Rovuma Basin in the North of Mozambique at cost of approximately USD 5 billion for the natural gas consortium led by Anadarko of the United States and planned investment of USD 4 billion for setting up of integrated fertiliser plans in Mozambique," the statement said.

    
OVL and Oil India Ltd (OIL) are jointly buying a 10 per cent stake in Mozambique's offshore Rovuma Area 1 from Videocon for $2.475 billion.
     
OVL followed this deal with the acquisition of another 10 per cent stake in the same field from US energy firm Anadarko Petroleum for $2.64 billion.
     
Further, the statement said, Sharma invited Inroga to visit India for participating in the Partnership Summit scheduled to be held in Bengaluru in January, 2014.