Total Indian Investment in Ethiopia Reaches 5 Bln USD, Nation Favorable for Foreign Investors: Ambassador

Addis Ababa February 25/2022/ENA/ The cumulative investment of Indian companies is about 5 billion USD and the country is favorable for foreign investors as the Ethiopian leadership is listening, India’s Ambassador to Ethiopia Robert Shetkintong said.

In an exclusive interview with ENA, Ambassador Robert Shetkintong said 650 Indian companies are registered with the Ethiopian Investment Commission and about 400 of those companies are active on the ground.

“When you look at Indian investors, they are confident that this is a good market. That is why the cumulative investment figure is about 5 billion USD and 3 to 4 billion USD on the ground,” the ambassador stated.

Some 60 to 70 percent of the companies are engaged in manufacturing sectors, it was learned.

According to Ambassador Shetkintong, there are ample opportunities to invest in manufacturing sector in Ethiopia.

There are about 10 Indian factories in the textile sector, and also other Indian factories even in the cement, he added.  

“So, in all areas, we have Indian presence. That is why for us while our bilateral relations are very good and the economy or business component of our bilateral relations is very evident and visible.”   

Ambassador Shetkintong further pointed out that the “Ethiopian leadership is listening and that is favorable for foreign investors. So far we have two joint ventures in pharmaceutical sectors between Ethiopia and India.”

Moreover, the countries are friends and they have common solidarity that will continue for both countries to prosper, he underlined.   

As a significant nation Ethiopia has to explore further markets in neighboring countries, the ambassador noted, adding that the companies based in the country are not only looking at the opportunities that Ethiopia provides but also looking at the neighboring markets.

Ethiopia wants to be the manufacturing hub in the region and “60 to70 percent of our companies are engaging in manufacturing sector.”

“We have Indian factory owners who run their factories in Ethiopia but are also trying to expand their business to neighboring countries like South Sudan, Sudan, Kenya and other neighboring countries,” Ambassador Shetkintong revealed.

Indian companies in Ethiopia have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, consultancy and ICT, education, pharmaceuticals and health care, among others.

Ethiopian News Agency