Africa-Press – Ethiopia. Addis Ababa April 20/2021 (ENA) The growing presence of Indian investors in Ethiopia creates a strong link and contributes positively to the close partnership between the two countries, India’s Ambassador to Ethiopia Robert Shetkintong said.
In an exclusive interview with ENA, the ambassador stated that the investment, economic and commercial ties between Ethiopia and India are growing.
During the Axumite Kingdom, Indian traders had links with the ancient port of Adulis in the eastern part of Ethiopia and traded silk and spices for gold and ivory, which recently have grown significantly, he noted.
“In recent years, business ties between the two countries have grown significantly, especially in areas of trade, investment, agriculture, and infrastructure.”
Furthermore, Ambassador Shetkintong said bilateral trade between Ethiopia and India stood at 1.2 billion USD in 2019, which slightly dipped to 1.1 billion USD in 2020.
Exports from India mainly include primary and semi-finished iron and steel products, drugs and pharmaceuticals, machinery and instruments, manufactures of metal and others, while exports to India include pulses, precious and semi-precious stones, vegetables and seeds, leather and spices.
Indian companies are one of the largest foreign investors in Ethiopia, according to the ambassador.
“The other important and visible aspect of our relations is investment. There are about 607 Indian companies in Ethiopia with licensed investment of over 5 billion USD, of which about 3 billion USD is estimated to be on the ground and created jobs for 75,000 people. You will see that it’s comprehensive. But, there are still rooms for improvement,” he pointed out.
About 60 percent of Indian investments are in the manufacturing sector, followed by agriculture 18 percent, and others in floriculture, engineering, plastics, cotton and textiles, water management, consultancy and ICT, education, pharmaceuticals and health care, it was learned.
According to Shetkintong, there is potential for increased trade and joint ventures in areas such as agriculture and agro-processing industries, floriculture, commercial farming of oilseeds, pulses and lentils, textile and garments, leather and leather products, among others.
There are emerging opportunities in infrastructure projects in roads, power, telecommunications and water resources, gas exploration, wind-based energy, hydropower projects, and other sectors, he noted.
The ambassador revealed that the embassy has a dedicated commercial wing which works as a bridge to facilitate relations between Indian and Ethiopian businessmen.
Before the Covid-19 pandemic, Indian business delegations regularly visited Ethiopia and Ethiopian companies participated in various business events in India.
He recalled that the Indian Business Forum (IBF)-Ethiopia was founded to facilitate Indian businesses in Ethiopia and the forum has accomplished many things, including bridging business between the two countries, during the last 15 years.
The embassy has also been participating in various business webinars to encourage Indian businessmen to come and explore opportunities in Ethiopia.
India and Ethiopia have long-standing economic and commercial relations, which are centuries old and can be traced back over 2000 years of recorded history.
