13 March 2017

Zambia's Exports to India Hit $475m

Photo: Lusaka Times
Lusaka (file photo).

New Delhi — INDIA's global imports stood at over US$300 billion between 2015 and 2016, with Zambia contributing US$ 475.4 million.

Minister of State for Commerce and Industry Smt. Nirmala Sitharaman said Zambia contributed $ 475.4 million to India's global imports during the period under review which stood at $ 381,006.6 million.

Ms Sitharaman said India's major import items from the African region included mineral fuels, mineral oils and its products, cultured pearls, semi-precious stones, edible fruit and nuts, inorganic chemicals and copper and its articles.

She was speaking during the 12th Confederation of Indian Industry Export-Import (EXIM) Bank of India Conclave on India-Africa project partnership held here last Thursday.

"As regards India's imports from Africa, Zambia contributed 1.5 per cent during 2015-2016.

"Meanwhile India's global exports in 2015-2016 stood at $ 262,290.1 million with petroleum products being the largest items in India's export basket to Africa contributing 19.8 per cent," Ms Sitharaman said.

She said India's investments in Africa had also received a boost in recent years as African countries were receiving strong investment interest from India due to their high growth markets and mineral rich reserves.

Indian President Shri Pranab Mukherjee said his Government was committed to further strengthening partnerships with Africa for mutual benefit.

The President was optimistic that India Africa trade will have a Gross Domestic Product (GDP) of about $ 35 trillion by 2050 with a population of four billion.

He called for the need to accelerate and strengthen the partnerships between the two sides.

The CII Conclave has built a bridge between Indian and African business leaders as well as senior Government officials from the two sides.

In the past, senior leaders including Heads of State of various African countries have addressed the Conclave which has given a new strategic direction to India-Africa economic relation.

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