Ethiopia Striving to Become Regional Manufacturing Hub, Attract Foreign Investment: Minister

July 20, 2022 (ENA) The Minister of Industry, Melaku Alebel participated in the 17th annual Indian Industries-EXIM Bank Conclave on India-Africa Growth Partnership which kicks-off today in New Delhi, India.

The Minister, in addressing the Special Ministerial Session commended the commitment of the Indian Government to support Africa to create a unified and intertwined economy.

The Minister noted that many years of economic and trade relations between Ethiopia and India which currently stood for Indian investments having substantial presence in Ethiopia that account for 5 billion USD of which 3 billion USD is estimated to be on the ground.

He said Indian companies are in the top three foreign investors in Ethiopia at present with 650 Indian companies registered making Indian investors the second-largest foreign employers in Ethiopia, employing more than 75,000 people.

The Minister emphasizing the rigorous reform undergoing to create a private-sector led economy said: “We are implementing a Home-Grown Economic Reform Agenda and 10 years perspective plan to make Ethiopia a beacon of prosperity for Africa through macroeconomic reform that correct forex imbalance, control inflation, improve access to finance and ensure debt sustainability”.

Moreover, the Minister explained the structural and sectoral reforms, as well as favourable regulations and infrastructure that are in place to attract foreign investment and eventually leading to the realisation of Ethiopia becoming the manufacturing hub in the region.

Melaku also spoke about the 22 Industry Parks that specialise on priority sectors of manufacturing such as textile, leather and agro-processing, with a special focus for export market, chemical, pharmaceutical, construction, and engineering with the purpose of substituting import.

The Minister of External Affairs of the Government of India, S. Jaishankar, the Minister of Commerce and Industry Piyush Goyal, trade and industry, ministers of African countries and high level delegates have participated on the event.

The CII-EXIM Bank Conclave on India-Africa Partnership is an annual event organised by Confederation of Indian Industries (CII) and EXIM Bank of India in collaboration with Ministry of External Affairs and Ministry of Commerce and Industry of the Government of India with the aim of building cross-border partnership and advance economic relations between #Africa and #India.