Addis Ababa, September 1/2020(ENA) Indian investors are interested to engage in tourism, information technology and communications (ICT), and service sectors in Ethiopia, according to Ethiopia’s Ambassador to India.
Ethiopia’s Ambassador to India, Tizita Mulugeta told ENA that relations between Ethiopia and India have mainly focused on trade and investment spheres.
There are over 584 Indian companies in Ethiopia with licensed investment of more than 4 billion USD, about half of which is on the ground.
The investors are engaged in sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, education, pharmaceuticals and health care, among others.
Having learned that Ethiopia is undertaking economic reforms, including privatization of sectors like shipping and logistics, telecom and other services, she said that Indian investors are interested in investing in Ethiopia.
“Our embassy is promoting the reforms that have been undertaken in our country. And they are happy to know about these and willing to come and investing, especially in areas like the service industry,” the ambassador stated.
According to Ambassador Tigist, “ they are more interested to invest in the ICT because as a country, India also gives a big focus on developing the sector.”
Moreover, she said efforts have been intensified to promote the trade and investment relations between the two countries, even if the trade balance is in favor of India.
Ethiopia exports semi-precious stones, pulses, leather, oil seeds and vegetables and seeds, while India’s top exports to Ethiopia are primary and semi-finished iron and steel products, drugs and pharmaceuticals, machinery and instruments.
India and Ethiopia have long-standing economic and commercial relations, which are centuries old and can be traced back over 2,000 years of recorded history.