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EXIM Bank of India signs MOU with ITC to promote India-Africa trade

26 March 2014
ITC News

The Export-Import (EXIM) Bank of India signed a Memorandum of Understanding (MOU) with the International Trade Centre (ITC) in Geneva on 26 March 2014. The MOU will strengthen collaboration between ITC and EXIM Bank to help increase enterprise and sector competitiveness and promote capacity-building in trade intelligence, including market analysis and research. The co-operation will also help foster trade support networks and business linkages between India and other countries, and improve the business environment.

ITC and EXIM Bank will also co-operate on the project on Supporting India’s Trade Preferences for Africa (SITA), which will run from this year to 2020. The six-year project is aimed at promoting exports from five East African countries – Ethiopia, Kenya, Rwanda, the United Republic of Tanzania and Uganda – to India through investment and skills transfer from the Indian side.

SITA, which is funded by the United Kingdom’s Department for International Development (DFID), will be driven by the Indian private sector and supported by the public sector.

‘We are pleased to partner with EXIM Bank to promote private sector growth, particularly for SMEs in India and Africa through the SITA project which promotes trade across the Indian Ocean,’ said ITC Executive Director Arancha González. ‘There is huge potential for trade and investment through this public-private partnership.’

EXIM Bank Chairperson and Managing Director Yaduvendra Mathur said there is tremendous value in engaging SMEs and supporting Indian investments in East Africa.

‘There is a huge appetite in leveraging the global value chain for the commodities and services sector for the export market,’ said Mr Mathur. ‘There are already Indian firms with a presence in East Africa and EXIM Bank is ready to support trade development through South-South co-operation.’