India and Benin should broaden trade ties: Tharoor
New Delhi, Oct 23 (IANS) India and Benin need to broaden and deepen trade ties and look at new sectors like pharmaceutical and telecom, Minister of State for External Affairs Shashi Tharoor said, addressing business leaders in the West African country.
Tharoor began his three-day visit to Benin Wednesday – the second time in a month that he was visiting a West African state. His visit comes after President of Benin Bon Yayi’s successful visit to New Delhi in March this year.
Addressing the Benin Chambers of Commerce and Industry in Cotonou, Tharoor said, “The economic operators of both sides need to take encouragement from the bilateral trade and take steps to expand and consolidate.”
He said while there was a good possibility of increasing bilateral trade in existing areas, new areas of trade could be explored, such as transportation, pharmaceuticals, ICT, telecom, rural development, small and medium industries, agriculture and agro based industry and human resource development.
India has become Benin’s third largest market with $106 million exports, with cashew nuts accounting for 70 percent of the trade. The imports from India were nearly double at $203 million, which comprised manufactured materials, pharmaceutical products and various textile items.
Tharoor urged Indian businesses to take advantage of Benin’s position of being at the crossroads of both coastal West Africa and the Central African hinterland and use it as a platform to get into the markets of Economic Community Of West African States (Ecowas) and Francophone central Africa.
“I do believe that India is still unrepresented in this huge swathe of market and our presence in Benin can ameliorate this gap,” he said.
The minister with the Benin Foreign Minister Jean Marie Ehouzou co-chaired the first India-Benin Joint Commission Thursday.
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