India to offer Zim lines of credit

this year.

He said this in an interview on India-Zimbabwe bilateral trade.

“We are happy to inform that three more lines of credit are in the pipeline. As we speak they are under consideration by Indian Government,” he said.

Mr Tripathi did not disclose the value of the lines of credit, but said he would announce as soon as the lines of credit are finalised.

He said India and Zimbabwe have identified new areas of co-operation expected to boost bilateral trade between the nations.

“We held a structured meeting in March under the mechanism of joint trade committee headed by the two minister of trade and commerce of India and Zimbabwe. We identified areas of further co-operation,” Mr Tripathi said.

He noted that trade between the two nations has not been good, but was expected to grow following the set up of the joint trade committee.

“Trade between India and Zimbabwe has not been very good, but it has been increasing from about US$60 million three years ago to US$106 million in 2010 and US$127 million in 2011 and US$177 million in 2012,” he said. He said the trade has been heavily in favour of India, but once the diamond sector stabilises Zimbabwe would start benefiting as well.

“Once the diamond industry has stabilised we are sure that Zimbabwe will export its diamonds in heavy quantities to India for polishing. The bilateral trade will grow gradually,” he said.

He said India was also establishing two food testing and state of art laboratories as well as a rural technology park.

“Sites have been identified and work is being done and very soon we will put machinery and start training people so that in three years they are fully trained then we handover the project,” he said.

Mr Tripathi said these were some of the soft things India was sharing with Zimbabwe for its development.

He emphasised the need for capacity building saying it was the only way Zimbabwe could develop.

“Capacity building is our focus because if you do not provide capacity building you can not build anything. You can provide fish, but it’s better to provide fishing technology,” he said.