New Delhi, May 19: In a bid to expand economic and commercial cooperation and promote technology transfer Ficci today signed an MOU with the Chamber of Commerce of Djibouti. Under the MOU, which was signed here by senior member of Ficci Vikram Kapur and president of CCD said Ali Coubeche, both the chambers would undertake joint efforts to strengthen bilateral trade relations for mutual benefit of both business communities.
"So far trade between India and Djibouti is far below its true potential. During 2001-02, our export to Djibouti stood at 16.22 million dollars and imports at 0.77 million dollars," Kapur said. There would be regular exchange of information on policies and commercial regulations in both countries and the MOU further calls for promoting dissemination of business opportunities proposed by members of both parties in their publications and organising commercial missions to enhance cooperation.
It would aim at establishing an arbitration mechanism to help settle disputes amicably and identify constraints that might undermine smooth expansion of trade and forward recommendations to the respective governments. Based on the economic strengths and requirements of both countries Ficci has identified cement, chemicals, drugs and pharmaceuticals, construction, SMES AMD Agro processing as areas for cooperation and business. Bureau Report