Cote D'Ivoirie seeks funds from Indian pvt sector

Côte d'Ivoire asked Indian private sector to invest primarily in cocoa processing.

The Dollar Business Bureau

The world’s biggest cocoa producer, Côte d'Ivoire, has asked for investment from the Indian private sector primarily in cocoa processing with an aim to strengthen the bilateral ties with India.

"The Government of Ivory Coast is very willing to get on board the Indian private sector. Chocolate is the other sector that the President of Côte d'Ivoire pointed out. He said that the private sector of India can be highly useful as their country export everything," Amar Sinha, Secretary of Economic Relations said, while briefing about the talks between the two countries.

Alassane Ouattara, President of Côte d'Ivoire, greeted president of India, Pranab Mukherjee during his two-day tour to the Côte d'Ivoire, and expressed interest on investments from Indian private sector.

In an important pact signed between the countries, Exim Bank will re-open its office in Côte d'Ivoire. The bank was relocated to Sudan in 1992 due to political disturbances in the country. 

The Exim bank has inked ‘headquarter agreement’, which will provide it a few privileges.  During his visit, President Mukjerjee invited Ouattara and asked him to visit India anytime.

President Mukherjee raised the issue of reforms in the United Nations Security Council (UNSC),” Sinha said.

In the last decade, the West African country had faced disturbances due to civil war but now its growth can be witnessed from modern expressways expanding in the lush green countryside.

India imports around 80 percent cashew from Côte d'Ivoire, the second largest exporter of cashew in the world. The country also imports manganese ore, cotton, wood, scrap metals, rubber, etc. India’s imports from Côte d'Ivoire stood at around $572.48 million in 2015-16 compared to $532.10 million in 2014-15.

Similarly, India exports several items to Côte d'Ivoire including pharmaceutical products, plastics, machinery, vehicles, etc. India’s exports to the country was around $397.03 million in 2015-16 as against $309.75 million in the previous year. 

The overall bilateral trade between Côte d'Ivoire and India stood at $969.52 million in 2015-16 compared to $841.85 million in 2014-15.