Ethiopian, Indian businessmen hold talks

  • PDF

Addis Ababa, 16 July 2014 (WIC) -The Ethiopian Chamber of Commerce and Sectoral Associations (ECCSA) held on Tuesday, July15, 2014 business-to-business meeting with Confederation of Indian Industries (CII) to further strengthen business ties between the two countries.

President of ECCSA, Solomon Afework, on the occasion said the trade and investment bond between both countries has shown significant progress over the past few years.

The total trade turnover of the two countries reached 1.3 billion US dollars in 2013 from close to 200 million US dollars in 2004, the president said.

According to him, Indian investment in Ethiopia is also showing significant boost. Indian investors have received licenses for 365 projects in agriculture, ICT, manufacturing, education, hotel and tourism with a registered capital of over 43 billion birr during the years 1992 to 2012.

Moreover, Indian companies have invested in 180 projects during those periods, creating over 33,000 permanent and 237,000 temporary jobs, he added.

Head of the Confederation of Indian Industries Delegation, Subramanian Venkataraman, said on the delegation consisted of senior representatives of Indian companies in sectors like engineering, construction, agriculture and allied services, finance, IT training and consumer goods.

He added that the aim of the visit by the delegation is to further the economic engagement between the countries.

Venkataraman hoped that the visit would give the delegation a chance to gain important insight into the current trade and investment scenario as well as establish bonds for further business development. (ENA)