Indian cos to invest $ 1 bn in Ivory Coast

NEW DELHI: Indian companies plan to invest about $ 1 bn over the next five years in Ivory Coast, minister of state for commerce, Jairam Ramesh has said.

At a meeting of Indo-Ctte d'Ivoire (Ivory Coast) Joint Trade Committee, Ramesh said while bilateral trade in 2005-06 was only 350 million dollars and confined mostly to rice from India and raw cashews from the African nation, the real success story lied in Indian investments.

In the last 11 months, Indian companies have announced intentions to invest close to one billion dollars in the Ctte d'Ivoire spread over the next 5 years in the mining sector, he was quoted in an official release.

The JTC meeting, held after nine years, was attended by Foreign Minister of Ctte d'Ivoire Youssouf Bakayoko and Ramesh from the Indian side.

Ramesh pointed out the emerging importance of Africa in India's economic policy and a special role that West Africa was occupying. He identified hydrocarbons and diamonds as two areas where India was exploring investment opportunities in West African countries.

Ramesh said state-run ONGC Videsh Ltd has invested 12 million dollars for oil and gas exploration in Ctte d'Ivoire and would seek to expand its activities there.

The Ctte d'Ivoire delegation expressed keenness for Indian support to start an IT and Technology Park in Abidjan, named after Mahatma Gandhi. Ramesh assured the delegation of India's seriousness in getting the park operational at the earliest, the release said.