BIPA with Zimbabwe to boost business

Written by Press Trust of India | New Delhi | Updated: Mar 30 2011, 06:18am hrs
India on Wednesday said the Bilateral Investment Protection Agreement (BIPA) with Zimbabwe, yet to be ratified by the African nations, will give a fillip to bilateral investments.

The ratification process for the BIPA is complete on our side and we are awaiting the ratification on the Zimbabwean side before exchanging the instruments of ratification and enabling the agreement to become operational, commerce and industry minister Anand Sharma said here in a statement.

Sharma in a bilateral meeting with his Zimbabwe counterpart Welshman Ncube said that the BIPA will provide a fillip to Indian investors seeking to enter the South African nation.

He also said that India is planning to set up a vocational training centre in Zimbabwe to further develop skills and capacity in the African nation.

Further, he said huge possibilities are available forboth the sides to cooperate in science and technology, particularly in appropriate technologies in agriculture, agro-processing and renewable energy.

Zimbabwe seeks to benefit from Indian assistance, in particular, in the health sector, e-governance and technology, Ncube said.

The bilateral trade between the countries stood at $69.80 million in 2009-10.