admintrade accord between the two countries, an Indian diplomat has said.
The second secretary at the Embassy of India in Harare, Mr Mukesh Kumar, said his country had been waiting for Zimbabwe to ratify the Bippa, crafted in the 1990s.
Mr Kumar said the Indian parliament had ratified the Bippa which had been signed by their president.
“We signed (Bippa) way back in 1996,” he said.
“But Zimbabwe is yet to sign. It is supposed to be ratified by the Zimbabwean Parliament.
“We have been pressing the Government (Zimbabwe) to ratify it in Parliament and have it signed by the President.
“So far there has been no response, but we were told Government is keen to sign Bippas with a number of countries.”
Mr Kumar said ratification would boost trade and investment between the two countries following a record investment in Ziscosteel by India’s Essar Group.
He said the time it would take to implement the bilateral accord would depend on how long it took Zimbabwe to ratify it.
Mr Kumar pointed out that it would take less than a month to have the trade and investment treaty implemented, provided it was ratified by the Zimbabwe Government.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada said all outstanding Bippas would be taken to Parliament for ratification before the end of the year.
“There are a couple or so that need to be ratified and we will take them for ratification en-bloc,” he said.
His Permanent Secretary, Dr Desire Sibanda, was scheduled to discuss the issue with Mr Kumar last Friday.
Delays by Zimbabwe in approving the Bippa were reportedly impeding potential investment by Indian investors keen to seize opportunities in Zimbabwe.
In terms of investment, said Mr Kumar, it is Zimbabwe that stands to benefit the most from the world’s fourth biggest economy after the USA, China and Japan.
India could prove “a good bet” in facilitating technology transfer and development of the local pharmaceutical industry, as it has immense expertise in these areas.
Mr Kumar conceded that there were abundant investment opportunities in the country, but investors remained sceptical of the present investment conditions.
An investment promotion and protection accord would therefore be handy where investors are nervous, as that would provide guarantees of security.
Already, India has demonstrated its potential as a source of foreign direct investment after Essar Group sealed a US$750 million investment in Zisco.
The firm acquired a 54 percent stake in the inactive steel-manufacturing giant and could now revive the company after receiving guarantees for key enablers.
Essar has also indicated its desire to spread its tentacles in many other potentially rewarding areas, having at one point sought to muscle into RioZim.
Online Reporter