India Intelligence Report

 

 

   India-Mozambique to Co-Operate on Mining

  A Republic of Mozambique delegation led by its Minister for Mineral Resources Esperanca Laurinda Bias, Mozambique is visiting India to discuss bilateral cooperation in the mining sector, related technologies, and expertise sharing.
 

 

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A Republic of Mozambique delegation led by its Minister for Mineral Resources Esperanca Laurinda Bias, Mozambique is visiting India to discuss bilateral cooperation in the mining sector, related technologies, and expertise sharing.

Mozambique had recently opened up its economy for private investments in mining sector especially in its rich gold, diamond, base metals, minerals, sands, graphite, and coal mines. Bias invited Indian entrepreneurs to visit Mozambique and explore investment possibilities in mining.

Like Mozambique, India has vast mineral resources but has also a well developed mining technology through the Geological Survey of India (GSI), Mineral Exploration Corporation, and Indian Bureau of Mines that is cost effective and suitable for other developing countries.

While it is fashionable to focus on European and North American markets, India can really benefit from working with African and Asian nations to transfer technology and expertise in several old economy sectors. India can not only perfect its technology but by helping other developing nations, it can greatly develop goodwill in a large body of nations that is greatly neglected from global decision making but contain most of the population in the world. Moreover, it will also win it support in multi-lateral organizations such as the UN and World Trade Organization (WTO).

India is all set to open up its market for products from 50 least developed countries (LDC) from Africa and Asia and is to be handled by the Cabinet Committee on Economic Affairs (CCEA). Sponsored by commerce & industry ministry, the proposal is to create a customs tariff free regime for five years for many products from these countries without any reciprocity. However, there is bound to be a lot of opposition from small businesses and agricultural lobby but the negative list of 776 products mostly in the agriculture area will make it sweeter.

As a developing country, India does not have to offer these concessions even though the WTO required access to LDC but chose to do so voluntarily and is doing so for the first time on such a large scale.