Indian investment in Ethiopia steadily growing – envoy

By Tesfa-alem Tekle

November 5, 2007 (ADDIS ABABA) — The volume of Indian investment projects in Ethiopia has been flourishing during the last few years, Indian Embassy to Ethiopia said last week.

In its statement sent to Ethiopia news agency, the embassy said on Friday that 265 Indian companies launched investment projects in Ethiopia until July 2007 with an aggregate capital of 464 million US dollars.

The embassy celebrated the 2nd Anniversary of the Indian Business Forum (IBF) on 30 Oct. 2007 here in Addis Ababa. A special publication entitled ‘Indian a Partner of Choice’, depicting the regional conclave held for Indian companies in Ethiopia and the Indian -Africa conclave in New Delhi last year, was launched on the occasion.

Indian Ambassador to Ethiopian, Gujirat Singh handed over the first copies of the book to Prime Minister’s Economic Adviser with a rank of a minister, Niway Gebre`ab, State Ministers of Trade and Industry, Taddese Haile and Ahmed Tussa, and to a member of the Ethiopian parliament, Harka Haroye.
Speaking on the occasion, Niway said Indian investors are providing a new dimension of cooperation between the two sisterly countries.

He commended the Indian embassy for organizing the forum, which is aimed at bringing Indian and Ethiopian businesspersons together.

The embassy said the forum undertaken a series of sectoral meetings and regional business promotion symposiums during the last two years. Another regional symposium is to be held on 03 Dec. 2007 in South Ethiopia Peoples’ State.

Taddese on his part said the forum has been a success and contributed a lot in providing support to Indian entrepreneurs and in highlighting the challenges and opportunities in Ethiopia.

An Indian delegation of businesspersons, which arrived in Addis Ababa for a three-day working visit earlier, took part in the anniversary with a view to enhancing Indian investment and join venture in Ethiopia, especially in the leather sector.

(ST)