Côte d'Ivoire keen to improve value-added exports to India

The Dollar Business Bureau | @TheDollarBiz

West African nation Côte d'Ivoire has improved its business environment and is inviting Indian businessmen to invest in the country to help expand its value added exports to India.

In a recent meeting organised by the Confederation of Indian Industry (CII), Daniel Kablan Duncan, Prime Minister of the Republic of Côte d'Ivoire, said that Côte d'Ivoire’s exports to India mainly comprised primary articles such as farm produce while the country imported finished items such as pharmaceuticals, automobiles and plastics from India. He added that investing in value-addition of products could help Indian importers and boost bilateral trade between the two countries.

class=" "] Source - Ministry of Commerce

Bilateral trade between India and Côte d'Ivoire surged around 117% (y-o-y) in FY2011-12 to almost $749 million, but has declined to around $597 million in FY2013-14, mainly due to drop in imports of cocoa, rubber and ores.

However, the return of peace and stability will help bilateral trade recover, says the Prime Minister. He highlighted that Côte d'Ivoire has been growing at a high rate of around 9% in the last two years and the growth rate is expected to hit 10% in 2015.

Daniel Kablan Duncan became the PM of Côte d'Ivoire in 2012. He said that the country is now more business friendly with facilities such as a one-stop shop for investment, streamlining of approvals and easier access to land. “It takes just 24 hours to set up a company in Côte d'Ivoire and 21 days to begin operations,” he said.

Côte d'Ivoire is a country rich in natural resources and agriculture. It is the world’s largest producer and exporter of cocoa beans. It also exports palm oil, gold and cashewnuts. In FY2013-14, the country exported around 209,201 tonnes of cashewnuts to India, which is about 27% of total cashewnuts of around 771,356 tonnes imported by India in the year.

This article was published on November 5, 2014.