Ethiopia Seeks Investment from India, Hope Bilateral Trade & Investment Grow

Ethiopia sought investment from Indian investors in priority sectors. The country also hoped bilateral trade and investment will grow in the years to come.

Ethiopian Ambassador Tizita Mulugeta listed the priority sectors of his country as textile and apparel, leather and leather products, pharmaceuticals, agro-processing, tourism, information and communciation technology and mining and energy, reports PTI.

The bilateral trade between India and Ethiopia stood at $1.27 billion in the recent past years. The government of Ethiopia has taken several initiatives to encourage investors from India in different sectors, Tizita said at an interactive session with Merchant Chamber of Commerce and Industry (MCCI).

MCCI president Aakash Shah said Ethiopia is poised to emerge as a middle income country and a major manufacturing hub in Africa by 2025.

The two countries have very deep economic ties. Ethiopia houses nearly 558 Indian companies with licensed investment of approximately $4 billion, mostly in agriculture and manufacturing, he added.