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Tuesday, 16 February 2016

Trade between India Senegal crosses $700 million

As India seeks to intensify ties with Africa, trade between India and Senegal, described as one of the continent's model democracies, totalled over $700 million in the 2014-15 financial year, an Indian diplomat posted in the Francophone west African nation said. "Official figures on trade between the two countries have grown steadily from 2010-11, when the total volume stood at $425.48 million. Trade between the countries has been growing at over 25 percent annually. India's exports to Senegal during the financial year 2014-15 were valued at $518.72 million and India's imports during the period were $208.13 million (for a total of $726.85 million)," R Narayanan, second secretary of the Indian embassy in Dakar, told IANS in an email exchange from SenegalÂ’s capital. Major items of export from India to Senegal include rice, textiles, food items, automobiles and pharmaceuticals. Major items of import from Senegal are phosphoric acid, phosphate ore and raw cashew. Embassy sources said an important initiative was taken in 1988 for counter-trade arrangements with Senegal but the results were not very encouraging. There are about 300 Indians in Senegal working with Indian companies, including those executing development projects under lines of credit extended by India under bilateral and multilateral schemes. The rest run their own businesses.

Source: The Hans India