Economic

India’s relationship with EG is characterised by the strong partnership in the oil and gas sector. EG is the fourth largest supplier of natural gas to India, after Qatar, Nigeria and Australia. In 2015, India’s gas imports from Africa doubled compared to 2013; India accounted for eight per cent of Africa’s gas exports in 2015, compared to four per cent in 2013 (Business Standard - 20 Jan 2016). Economic and commercial relations between India and Equatorial Guinea, though limited in nature, have been growing in the last few years, primarily due to its emergence as an important source of oil and other energy products. Bilateral trade increased from US$ 11.54 million in 2010–11 to US$ 809.10 million in 2016-17. However in 2017-18 the bilateral trade decreased to US$766.41 million. Main items of India’s exports to Equatorial Guinea are food products, cereals, meat, pharmaceuticals, machinery, apparel etc. Main items of India’s imports from Equatorial Guinea are oil & gas, timber etc.

Bilateral trade figures for the last 5 years are given below:

(US$ million)

2013-14

2014-15

2015-16

2016-17

2017-18

Indian Exports

17.24

15.01

17.53

11.24

10.77

Indian Imports

301.82

749.38

457.30

797.85

755.64

Total Trade

319.06

764.39

474.83

809.10

766.41

Line of Credit

A Line of Credit of US$ 15 million extended by EXIM Bank of India in 2005 for a potable drinking water project was cancelled in June 2012 due to non-utilisation.

Training and scholarships

Five slots have been allocated to Equatorial Guinea under ITEC programme and 4 slots under ICCR’s Africa Scholarship Scheme.