Commerce and Industry Minister Anand Sharma met his counterpart from Zimbabwe M.C. Bimha on the sidelines of the Partnership Summit 2014 here on Tuesday, and noted that the present levels of bilateral trade and investment are much below the potential.
During the talks it was felt that there was a need to revive Zimbabwe's manufacturing sector and this could be achieved through greater value addition of natural resources for Zimbabwe to increase the value of its exports.
Sharma put forward his views on cooperation in agro, food processing sector, gems and jewellery, Lines of Credit and various capacity building programmes.
Sharma was also briefed about the current status of USD 750 million iron ore deal between Essar and the Government of Zimbabwe.
"Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe," Sharma said.
Anand Sharma will be visiting Zimbabwe in first week of February. He said that both the sides will finalise long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana.
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Both the leaders also reviewed the status of Line of Credit projects in Zimbabwe.
India, in September 2012, approved a Line of Credit (LOC) worth USD 28.6 million for up-gradation of Deka Pumping Station and the River Water Intake System in Zimbabwe.
The agreement was signed between Exim Bank and Zimbabwean authorities in June last year to implement the Line of Credit. Water and Power Consultancy Services (WAPCOS), a Government of India PSU, was appointed as Project Implementation Consultant for the project in November last year.
With these significant developments already in place, Sharma expressed the hope that the Line of Credit will be implemented expeditiously.
Sharma asked for a proposal from Zimbabwe for Indian Institute of Foreign Trade's offer to conduct an Executive Development Programme on International Business in Zimbabwe.
Sharma also met Minister of Trade and Industry, Namibia Carl H G Schlettwein, and reviewed the progress of bilateral ties.