India’s trade with Comesa rises three-fold during 2009-10

(HornTrade) - India’s total trade with the Common Market for Eastern and Southern Africa (COMESA) region has risen more than three-fold from $2.55 billion in 2004-05 to $8.48 billion in 2009-10, says the Exim Bank’s latest study.

The study points out that the COMESA region recorded robust economic performances in spite of recent global financial crisis and draws attention to India’s trade and investment relations with the region that have strengthened in recent years, and presents opportunities to further enhance bilateral commercial relations.

Further, the COMESA region accounted for 38.2 per cent of India’s total exports to Africa during 2009-10, while the region’s share in India’s total imports from Africa stood at 13.1 per cent. The study highlights the potential items for India’s exports to the COMESA region, which broadly include electrical and electronic goods, plastic & linoleum products, article of iron & steel, automotive components, petroleum products, pharmaceutical products, machinery and instruments, transport equipment, textiles and cotton fabrics, and rubber and rubber articles.

Items which hold potential for imports from the COMESA region would broadly include aluminium, copper, mineral fuel, metal-ferrous ores and slag, coffee, resins, nuts, spices and sugar, leather, organic and inorganic chemicals and marine products.

The study has also delineated broad strategies and recommendations to enhance and foster India’s commercial relations with the COMESA region, including cooperation in agricultural development, natural resource development, cooperation in hotel and tourism industry.  With a view to enhancing and facilitating India’s trade and investment relations with the COMESA region, Exim Bank has in place a comprehensive range of financing and support programmes to facilitate and promote bilateral commercial relations.

It envisages 24 operative lines of credit (LOCs), with credits aggregating $1,278.63 million, in the COMESA region, and also extending support to Indian companies to execute projects in the region in countries such as Djibouti, Egypt, Ethiopia, Kenya, Libya, Mauritius, Sudan, and Zambia.

Source: deccanherald.com

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