Trade Trade between India and Senegal amounted to $425 million in 2009–10 with India enjoying a small surplus in the
balance of trade. Trade doubled in 5 years from 2002 to 2003, when it is stood at $222 million.
Phosphates and
iron scrap constitute the bulk of Indian imports from Senegal while its exports consist of
textiles,
automobiles,
pharmaceuticals and food items. Senegal imports
rolling stock for
its railways from India. Both
Indian Railways and
RITES have been involved in providing a range of services to the Senegal Railways including providing
consultancy services, conducting
feasibility studies and providing rolling stock including
diesel multiple units,
engines and railway compartments. The two countries entered into a Bilateral Investment Promotion and Protection Agreement in 2005 and a
Double Taxation Avoidance Agreement in 2007.
Economic Cooperation In 2003, the
Government of India provided a line of credit worth $2 billion to a group of 9 West African nations, including Senegal, called Team-9. Senegal revamped its urban public transportation system through an Indo-Senegalese joint venture that assembled
Tata buses in the Senegalese town of
Thies. India's decision to allow duty-free imports from
Least Developed Countries has benefitted Senegal and India's
Exim Bank provided the country with a $28 million line of credit to help it access consultancy services and equipment for undertaking a rural electrification programme.
Investments Senegal has welcomed Indian investments in that country in a range of sectors including textiles, chemicals and manufacturing. In 2006
ArcelorMittal entered into an agreement with the
Government of Senegal for the production of
iron ore in south eastern Senegal through investments amounting to $2 billion. Since Senegalese law requires Asian companies that are awarded infrastructure contracts to partner with Senegalese companies, joint ventures with Indian companies have been an important means of transferring technological know how and training to Senegal. IFFCO in 2007 undertook a $100 million project to revive the 6.6 lakh tonne capacity
phosphoric acid plant of the Industries Chimiques de Senegal to raise its production to optimum levels. == Technical Cooperation ==