Indian ambassador to Ethiopia Bhagwant Bishnoi said Ethiopian will remain a destination of Indian potential investors as the country politically stable and ensure sound macro economic policy and good governance.
The ambassador said Ethiopia will be an exporter of potash, edible oil and chemicals for the leather industries. Adorn Chemical Plc, an India company, which recently launches officially its business, has already secured order from other country.
In an interview with ENA on Monday the ambassador said 400 companies have been engaged in wide ranging areas including commercial farming, mining, infrastructures and various industries which cater jobs for thousands of people.
The ambassador said recently a group of 24 potential investors have paid visit to Ethiopia and got first hand information from top government officials.
“We have the most important presence where we have a distinctive age as compared to other countries” the ambassador said.
“ Indian is very happy to be the largest investors in Ethiopia a total committed investment is something like USD 4.4 billion out of which one third of it on commercial farming” he said.
He said the tense and meaningful investment activities are being carried out in different corner of the country like in Gambella, Oromia and Afar.
He said as India is potential importers of potash and edible oil Ethiopia will generate considerable amount of earnings from the export of these items.
Commenting on nation's successive economic growth he said “ The double digit economic growth of Ethiopia is impressive along with political stability and good governance leads Indian investors and investors from other countries as well.”
Ambassador Bhagwant said though the trade exchange volume of the two countries is limited to 500 USD a year, his government has offered duty free tariff preferential schemes need to be exploited to increase the volume.
He said Indian is supporting human resource development and capacity building programs through Indian Technical and Educational Cooperation (ITEC). Some 90 Ethiopians are getting fellowship trainings in India on average a year. " In addition to that we provide 40 university scholarships every year for under and postgraduate studies” he said.[ENA]
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