Indian Investment Creates 75,000 jobs in Ethiopia, Says Ambassador Shetkintong - ENA English
Indian Investment Creates 75,000 jobs in Ethiopia, Says Ambassador Shetkintong
July 12, 2022 (ENA) Indian investment has created more than 75,000 jobs in Ethiopia, Ambassador Shri Robert Shetkintong said.
India's Ambassador to Ethiopia, Shetkintong told ENA that Indian companies are among the top three foreign investors in Ethiopia, with newer Indian multi-nationals marking their presence in the country.
There are about 650 Indian companies in Ethiopia with licensed investment of over 5 billion USD, of which about USD 3 to 4 billion is estimated to be on the ground, the ambassador said.
That made India the second-largest foreign employer in Ethiopia.
According to Shetkintong, about 62 percent of the Indian investment is in the manufacturing sector, followed by agriculture which is 13.1 percent of the total.
Even during the COVID-19 pandemic, some 35 new Indian investments arrived here, he added.
Indian companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals and health care.
"Because of the favorable policies that you implement to attract foreign investment, lots of Indian investments are looking at Ethiopia," the ambassador said, adding that Ethiopia is a huge market on its own.
Plus, investors are also looking at neighboring countries as Ethiopia is like a getaway for Africa, he pointed out.
India is the second-largest trading partner for Ethiopia, accounting for 10.2 of Ethiopia’s global trade.
Bilateral trade between Ethiopia and India stood at USD 1.8 billion in 2021, out of which Ethiopia’s exports were about USD 75.13 million, it was learned.
Citing the National Bank of Ethiopia, Shetkintong said bilateral trade between Ethiopia and India was USD 1.4 billion in 2020.
The major imports by India include pulses, precious and semi-precious stones, vegetables and seeds, leather and spices.