Ethiopia seeks more Indian investments

Addis Ababa, May 16 (WIC) - Ethiopia has liberalized norms and is keen to attract more Indian investments in the sectors like pharmaceuticals, agriculture, textiles and food processing, Ethiopian ambassador to India Dr. Gennet Zewdie said Tuesday.   

Dr. Gennet said Ethiopia has already attracted almost $5 billion worth of Indian investments.    

"We want more Indian investments. For foreign investments, we have identified the sectors like pharmaceuticals, textiles and food processing," Gennet said at an event organized by the Confederation of Indian Industry (CII).     

She pointed out that India is an important global player in the sectors like pharmaceuticals and textiles. "Ethiopia looks for your knowhow and capital," she said.    

Gennet said Indian investments in Ethiopia have increased sharply in the last six-seven years, mainly due to favorable policies and prospects of high returns.    

Until 2004-05, Indian investments in Ethiopia totaled only around $300 million. These have now risen to $5 billion.   

Gennet said India's economic engagement with African countries has improved significantly in the recent years.    

"Indian businesses are now feeling more confident to come to Africa," she said. (sometimes.com)