India, Ethiopia to sign investment agreement

July 4, 2007 (ADDIS ABABA) — In an effort to boost their economic ties, India and Ethiopia will sign a Bilateral Investment Promotion and Protection Agreement (BIPPA) on Thursday when External Affairs Minister Pranab Mukherjee holds talk with his counterpart Seyoum Mesfin here.

The two sides will also ink a pact for establishing a Joint Ministerial Commission and a protocol on foreign office consultations on the second day of Mukerjee’s four-day visit to the land-locked African country.

India is seeking to expand trade and commercial ties with Ethiopia, which is slowly emerging from economic doldrums ever since the exit of the Derg regime in the early 1990s and New Delhi has identified it as one of the focus countries for promotional activities.

“We have excellent political, economic and cultural relations with Ethiopia…our endeavour are to strengthen the relationship and expand cooperation in all the fields,” said Mukherjee who became the first Indian Foreign Minister to visit the second largest African country.

Both countries had established a joint trade committee and a joint business council besides entering into several commercial bilateral treaties over the years with an aim to increase trade ties.

Mukherjee said that India’s relationship with Ethiopia dates back to early years and noted that it has steadfastly supported New Delhi, including in its desire to become a permanent member of the expanded UN Security Council.

(PTI)