The visiting Minister of Industry & Commerce of Mozambique, Armando Inroga called upon the Indian Minister for Commerce and Industry, Anand Sharma on Monday and expressed optimism over the growing trade and investment between the two countries. The annual bilateral trade for the year 2009-10 between the two countries was $427.13 million with our exports amounting to $358.37 million and imports amounting to $68.76 million.

Sharma said: “in order to exploit the true potential of bilateral trade in a more diversified area, we set up a target of $1 billion by the year 2013 during the visit of the President of Mozambique last year. We hope that the trade targets could be achieved”.

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

Sharma noted that India was among five major trading partners of Mozambique. The volume of trade between the two countries increased by 73% from $172.77 million in 2008 to $299.92 in 2009 largely due to increase in exports from India to Mozambique. India’s exports to Mozambique increased by 71% rising from $144.37 million in 2008 to $247.01 million in 2009.

Sharma informed the Mozambique minister 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, inorganic/organic/agro-chemicals, electronic goods.

The major items of exports from India are: dried vegetables, raw casher nuts and coconut, scrap metal, titanium minerals, precious and non-precious stones, etc. And the major items of imports are: petroleum and bitumen minerals, medicines, steel and related products, textiles garments, minerals/fertilizers, cement. India already has the agreement on Bilateral Investment Promotion and Protection (BIPPA) and the Double Taxation Avoidance Agreement (DTAA) with Mozambique.