Demeke Urges Indian Business People to Invest in Ethiopia

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Addis Ababa February 17/2021 (ENA) Deputy Prime Minister and Foreign Minister Demeke Mekonen has called on Indian business people to increase their investment in Ethiopia.

Deputy Prime Minister and Foreign Affairs Minister Demeke Mekonen, who is in India on a   state visit, participated today in Ethio-India business forum along with V. Muraleedharan, India’s Minister of State for External Affairs.

In his keynote speech, Demeke noted the vibrant engagement of Indian companies in the economic life of Ethiopia, serving as the main sources of FDI of the country and creating huge employment opportunities.

Noting the current 1.3 billion USD worth trade between the two countries, he appreciated the commitment of the 30 Indian companies that opted to invest in Ethiopia despite the global challenge posed by COVID-19 pandemic.

Ethiopia is working to be Africa’s beacon of prosperity by charting out a 10-year economic development plan where new frontiers of growth such as the digital economy as well as science and technology are included, among others, Demeke pointed out.

He further explained the advantages of doing business in Ethiopia by stating its strategic positioning in the continent, abundant and trainable workforce, competitive economic incentives, adequate guarantees for investors, and a policy of zero tolerance for corruption.

Appreciating the strong relationship that exists between Ethiopia and India, India’s External Affairs State Minister Muraleedharan underlined the importance of further cementing relations between India and Ethiopia with diversified economic engagements.

Representatives and leaders of some of the Indian companies that are investing in Ethiopia delivered speeches citing the advantages of doing business in the country.

The forum was organized by the Associated Chambers of Commerce of India, in collaboration with the Ethiopian Embassy in India.