SME Times is powered by   
Search News
Just in:   • India makes 'ambitious' pledge to cut emissions by 35 pc  • Gold soars after downbeat US job report  • US stocks surge despite disappointing jobs data   • NSIC pays record dividend of Rs. 17.02 cr  • Indian startup develops cloud-based app developing platform 
Last updated: 27 Sep, 2014  

Zimbabwe.Thmb.jpg Zimbabwe seeks Indian help in reviving industrial sector

   Top Stories
» India remains a bright spot in global economy: IMF chief
» SME steel wire makers irked by steel import duty hike
» 'India-EU free trade deal to be game-changer'
» E-commerce market to grow 36 percent in 2015-20
» Swaraj meets GCC ministers, pushes Indo-Gulf FTA
SME Times News Bureau | 01 Apr, 2013
Zimbabwe has sought Indian investment and technical assistance to revive its manufacturing sector, especially in the textiles and diamond industry.

The call for assistance came during the India-Zimbabwe Joint Trade Committee (JTC) meeting held Thursday in Harare. It was co-chaired by Commerce Minister Anand Sharma and his Zimbabwean counterpart Welshman Ncube.

"During the JTC meeting, the two sides reviewed the bilateral trade and investment relations and held discussions on cooperation (in) textiles, food Processing, gems and jewellery and industrial cluster initiatives," the commerce ministry said in a statement in New Delhi.

According to the ministry, lines of credit, capacity building programmes, establishing of a commodity exchange in Zimbabwe also came up for discussion.

"The Zimbabwean side also presented the potential joint venture investment projects from the industrial development corporation of Zimbabwe for consideration of the Indian industry," the statement said.

On the difficulties faced by Indian businessmen in obtaining visas, the Zimbabwean minister said that the issue will be addressed expeditiously.

Sharma also announced India's decision to provide USD 28.6 million line of credit (LOC) for upgradation of the Deka pumping station and the river water intake system in the country.

Further, Sharma said India was considering two more LOC proposals for the rehabilitation of small thermal power stations -- the Gairezi hydro electric project and the Bulawayo power station upgrade project.

India also agreed to provide assistance in the development of the four industrial clusters under the industrial development policy for diamond, textiles, leather and agro-processing.

Sharma also called upon Zimbabwe's Prime Minister Morgan Tsvangirai and informed him about various capacity-building programmes, including scholarships and dedicated courses in bamboo craft development and handicrafts run by India.

Sharma briefed Tsvangirai about the lines of credit (LOC) proposals worth USD 400 million which is being considered and that Zimbabwe could also avail the 'buyers credit scheme' and the 'the pilot scheme of two percent interest subvention' for projects in Zimbabwe.

Currently, Indian investments in Zimbabwe are mainly in mining, pharmaceuticals and agro-processing sectors.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 53.20 52.05
As on 05 Oct, 2015
  Daily Poll
Will market regulator's plan to simplify start-ups' listing help SMEs?
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(8)
» MUDRA: Will it solve MSME credit crunch(8)
» RBI cuts rate by 50 basis points(4)
» Govt mulls 'Online Udyog Aadhaar Form' to ease SME registration(3)
» Govt to ease norms for doing business for MSMEs: Secy MSME(3)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter