Indo-Cote d'Ivoire trade at $572 million in 2013

Trade between Cote d'Ivoire and India has grown from $18 million in 2004 to $572 million in 2013, benefiting from strong growth in bilateral exchange of agriculture, mining, energy, agro-industry, housing and information technology (IT) sectors.

According to Cote d'Ivoire Prime Minister Daniel Kablan Duncan, both the countries touched a record of high of $764 million in bilateral trade during 2012.

Speaking at an industry summit here being organised by Federation of Indian Chambers of Commerce and Industry (FICCI), Prime Minister Duncan said that his government had accelerated the pace of reforms for boosting growth; carrying out political and economic governance actions; strengthening regional integration for the consolidation of its position as a regional hub and gateway to the West African sub-region.

He added that improving competitiveness of Côte d'Ivoire's economy, reduction of time and cost of all economic activities and providing insurance and facilitation for private investment-related administrative formalities are high priority for the government.

According to Rakesh Bakshi, chairman and managing director, RRB Energy and FICCI executive committee member, Cote d'Ivoire has received a mix of grant and soft credit from the Indian government for development projects in the areas of agro-processing, transport, electricity transmission and fisheries.

India has extended the lines of credit of $136.3 million to Cote d'Ivoire through EXIM Bank of India for the agriculture sector, IT and biotechnology park.