Indian companies with an aggregate capital of 2 billion USD are making preparations to invest in Ethiopia, according to India’s Ambassador to Ethiopia.
Ambassador Sanjay Verma told ENA that Indian investors are ready to invest in Ethiopia seizing the favorable investment opportunities created in the country.
The reliable peace and fast economic growth in the country have in particular made Ethiopia the most preferred investment destination in Africa for Indian investors, he said.
As a result, the number of Indian businesspersons investing in Ethiopia has been growing from time to time, the ambassador noted, adding that over 600 Indian companies with 4 billion USD have so far invested in the country.
According to Verma, the trade and investment volume of Ethiopia and India has exceeded 1.2 billion USD.
In order to further strengthen the trade and investment tie of the countries, India is finalizing preparations to establish the biggest agricultural and science center in Africa and a textile industry cluster in Kombolcha town, the ambassador revealed.
Beyond trade and investment, Ethiopia and India have been collaborating in continental and global agendas, particularly in climate change, fighting terrorism, and power supply, Ambassador Verma said.
Moreover, the ambassador recalled that India had extended 1 billion USD to Ethiopia’s maga projects, specifically electric transmission lines, railway construction, sugar factories and irrigation.
Diplomatic relations between Ethiopia and India started over seventy years ago.
[WaltaInformationCenter]