Bilateral trade between India and Sierra Leone registers 13% growth
Krishnadas, Chairman, Nehru Group of Institutions & Hon. Trade Commissioner – Mauritius; A. Madhavan, CEO, Malabar Innovation Entrepreneurship Zone & Former Advisor to the Ministry of Health and Family Welfare, C. Krishna Shankar, Trade Commissioner, India Africa Trade Council; Rashid Sesay, Ambassador Extraordinary and Plenipotentiary to UAE, India, and Bangladesh; Asif Iqbal, Global President, Indian Economic Trade Organization; Varkey Peter, Trade Commissioner, India ASEAN Trade Council; and Dawood Sait, Trade Commissioner, Grenada, India Commonwealth Trade Council at the conference.
The India-Sierra Leone Trade Conference has underscored India’s expanding role in Sierra Leone’s economy with bilateral trade reaching $139.86 million in 2019-20, witnessing a 13 per cent growth.
The conference hosted by India-Africa Trade Council noted that India ranked among Sierra Leone’s top five trading partners with key exports include pharmaceuticals, plastics, non-basmati rice, and industrial machinery. The imports from Sierra Leone also witnessed a 109 percent increase over the previous year which included ferrous waste, wood pulp, and titanium ores.
Beyond trade, India’s development cooperation with Sierra Leone has seen notable progress. India extended $45 million in funding for irrigation and potable water projects and provided a $32 million Line of Credit for the establishment of the University of Science & Technology in Kono District.
Addressing the South Indian business community recently, Rashid Sesay, High Commissioner of Sierra Leone to India, emphasized his country’s potential as a strategic trade partner, highlighting key sectors such as pharmaceuticals, IT development, and industrial growth. He also stressed the need for mutual benefits of strengthening economic cooperation.
The India-Africa Trade Council hosted the trade conference in Kochi, bringing together key stakeholders from the South Indian business community. The event marked a significant step in advancing bilateral trade relations and fostering new economic opportunities between the two nations.
Asif Iqbal, President of the c said the trade conference is a significant step in realizing the untapped potential of economic collaboration between the two countries. “We believe this partnership will lead to new opportunities for businesses in both countries,” he said.
C. Krishna Shankar, Chairman and Managing Director of Finovest Group, was officially appointed as the Trade Commissioner for Sierra Leone to India. He said that strengthening the trade ties between the two countries would be the primary focus. The upcoming business delegation from Kerala and Chennai in May will focus on exploring key sectors like mining, tourism, poultry, pharmaceuticals, and infrastructure development. This visit is a pivotal opportunity to unlock new investment avenues, foster partnerships in agriculture and healthcare, and pave the way for deeper economic engagement between our two regions, he added.
Memorandums of Understandings were signed during the conference, facilitating investments in education, infrastructure, and the pharmaceutical sector.
Source; https://copilot.microsoft.com/chats/zgD71AYrEBNEHqVhg5CoW