Ethio-India Business Dialogue Takes Place in Addis Ababa
(Hargeisasun) Addis Ababa October 05/2017 Ethio-India business dialogue was held at Sheraton Addis today.
Business persons exchanged views on cooperation in areas of trade and investment during the dialogue aimed at enhancing the overall business relations between the two countries.
Speaking on the occasion, President Mulatu Teshome said Ethiopia attaches great importance to its relation with India and is keen to further enhance it. “India is one of the most reliable development partners that Ethiopia has in its endeavors”, he added.
The President stated that Indian investors with more than 10 billion birr capital have created 50,000 jobs to Ethiopian citizens and the trade volume between the two countries has reached 1.37 billion USD.
He further revealed that there is a growing interest from the Indian side to engage in industrial zones. “The Indian investors can engage in textile and garment, agro-processing, leather and leather products, pharmaceutical and health, engineering, ICT and floriculture”, Mulatu elaborated.
India’s President Ram Nath Kovind said Ethiopia and India are young nations and old civilizations. “Our countries have been trading with each other for centuries. Trade relations between Ethiopia and India flourished during the ancient Axumite Empire from the 1st century AD”, he added.
According to him, Ethiopia has been the largest recipient of Indian concessional lines of credit in Africa with over USD 1 billion committed to projects in power transmission and sugar.
President Kovind noted that India’s relationship with Ethiopia is symbolic of its engagement with the African continent, of which Addis Ababa is such a vital hub.
At the panel discussion held during the dialogue, issues like trade and investment relations between the two countries, gateway possibilities to strengthen investment ties, boosting trade and transfer of skills were raised.