Fikremariam Tesfaye
19 November 2008
Addis Abeba — India today is becoming the single largest foreign investor in Ethiopia with nearly $4 billion in private sector investment, said the Ambassador on Monday.
Gurjit Singh, Ambassador of India, on his presentation under the title of "India's role in Ethiopia economy with emphasis on infrastructure sector" said, floriculture and agriculture, mining, manufacturing and services are the main areas of his country's investment here.
At the same time, the development of trade with India is nearly reaching its target of $500 million per annual in the growing demand in Ethiopia for goods and services, he added at a one day symposium organized by Indian Embassy, on India's role in the infrastructural development of Ethiopia for Standing Committee of Infrastructure Affairs of House of People's Representatives at Hilton here.
According to the Ambassador, the biggest import from India is iron and steel products which contribute to the building industry and there have been till recently large imports of cement.
The soft loans that India has provided, $65 million for the development of rural electrification, directly helped to building infrastructure whereas the $640 million provided for the development of the Ethiopian sugar industry was more in the nature of goods and services.
Alongside, nearly $500 million worth of projects are being executed by Indian companies under internationally financed tenders mainly in the infrastructure sector.
Wubneh Emiru, Chairman of Standing Committee, on his side added that, more than 350 companies from India have got investment license from Ethiopia.
"India is now becoming one of the leading economic partners of Ethiopia," he said welcoming the companies from India.
India and Ethiopia have substantiated their longstanding friendship by enhanced economic cooperation. This consists of growing bilateral trade, greater investment by Indian companies in Ethiopia and participation by Indian companies in the infrastructure development.
The Standing Committee members headed by Wubneh Emiru attended the Symposium. This event was part of the celebration of the 60th Anniversary of establishment of diplomatic relations between India and Ethiopia.
At the event, four Indian companies, KEC, Overseas Infrastructure Alliance, Intercontinental Consultants and Technocrats Pvt. Ltd. and Telecommunication Consultants India Ltd. made their presentations on their contribution to the infrastructure development of Ethiopia.
At the end of the symposium participants visited Tel-education and Tele-Medicine center established by Indian companies.
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