Addis Ababa — A symposium commemorating 60 years old bilateral relationship of Ethiopia and India was held here yesterday aiming to further strengthen the good relations which have reached to a higher level in recent years.

Foreign Minister Seyoum Mesfin during the occasion said Ethiopia has drawn meaningful lesson from India's experience and expertise, democratization and federalism as well as in a wide range of economic development.

The Minister appreciated the progressing cooperation that has given rise to new opportunities like quota and tariff free imports from LDC African countries to India as tools to allow greater Ethiopian penetration to Indian markets.

He pointed out that over three hundred Indian companies have secured investment licenses worth a total capital of 1.1 billion US dollars to date in Ethiopia.

The signing of five agreements including the establishment of a joint ministerial commission and an investment promotion and protection agreement which provide legal frame work to strengthen links in the area of economic cooperation was also highlighted by the minister as key progresses for the relations.

He also applauded the efforts exerted by India and the parts it played in maintaining cooperation for the launching of the recent India-Africa forum which, he said was "a real strategic partnership for the mutual benefit of both sides".

Ethiopia and India have common position in the reform of the United Nations including representation of India, and Africa in the Security Council, Seyoum said.

He stressed that the two sides should look forward to further deepening and expanding their ties to meet the demand of the globalized world.

Indian Ambassador to Ethiopia Gurjit Singh on his part said the economic dimension of both sisterly counties has become the locomotive for an enhanced bilateral relationship. Over 1.8 billion US dollars of private Indian investment from small and medium enterprise has chosen to come to Ethiopia, he said.

"Similarly the government of India has strongly supported Ethiopia's development goals by providing concession lines of credit for rural electrification and the expansion of the sugar industry which is expected to generate nearly 100,000 new jobs, create infrastructure and provide greater momentum of Ethiopian export of sugar and power thus strengthening Ethiopia's foreign exchange capacity", the ambassador added.

During the last 60 years India has contributed a great deal to Ethiopia in particular and Africa in general for development, capacity building, technological advancement etc..

A loan agreement was signed between India and Ethiopia among at the start of the current year, amounting to 640 million US dollars to be implemented for the development of the sugar industry in Ethiopia.