India Development News & Foreign Investment Opportunities

Gabon keen on Bilateral Investment Treaty

India calls for list of mineral resources

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India calls for list of mineral resources

 

Prabhu with visiting Gabon Foreign Minister Regis Immongault on 28 Nov 2018.

 

Gabon has shown interest in entering into a Bilateral Investment Treaty with India with both sides looking at boosting two-way trade.

As a member of the International Solar Alliance, Gabon is also eligible for letter of credit for its solar projects.

India has urged Gabon to use LoC for developmental projects, according to a Public Information Bureau release on 28 Nov 2018.

India has also suggested that Gabon give a complete list of minerals for Indian industries to consider investing in mining projects.

At present Indian companies are already operating in wood, plywood, mining and fisheries sectors.

Gabon Foreign Affairs Minister Regis Immongault, while visiting Delhi, said his country was looking for stronger involvement of BRICS countries in the development projects.

Gabon has the 6th largest reserves of Manganese in the world. It is one of the four countries in the world with high grade reserves along with South Africa, Australia and Brazil.

It is the world’s 4th largest producer of manganese ore with 11 % share in global production after South Africa (26%), China (17%) and Australia (15%).

With large reserves yet to exploited, the Gabonese side is keen to develop this sector.

Manganese Ore India Ltd’s team has explore joint collaboration with Gabonese mining companies during July 2018 visit.

Gabon is also making efforts to attract investment from India in construction of railway lines in the country’s key mining clusters.

A feasibility study was conducted by RITES for one of the proposed lines.

Both India and Gabon have agreed to send business delegations to look at opportunities for trade and investments.

Meanwhile, Commerce and Industry Minister Suresh Prabhu has suggested India and Gabon to work together in sectors like logistics, infrastructure, energy, water, agriculture, services and tourism.

“Both sides will have to work together to improve bilateral trade in the coming years,” said Prabhu during a meeting with Minister Regis Immongault on 28 Nov 2018.

He pointed out that the two countries bilateral trade, currently valued at US$440.47 million, is yet to realize its full potential. fiinews.com

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