Ethiopia is closing deals after deals of investment opportunities in the country, with a drastic measure.
The country has interacted with potential powerhouse investors this week who are eager to invest in Africa's fastest growing economy. Ethiopia is swiftly dominating foreign direct investment inflows, stiffening business competition with the neighboring countries.
The now former President of Ethiopia Mulatu Teshome yesterday held a meeting with a group of businessmen from India, discussing the investment opportunities in the country. The Indian business delegation is interested in various fields of investment including manufacturing, renewable energy, education, health, and capacity building.
Like the other investors, the government of Ethiopia has assured total support to the Indian businesses once they settle in the country. The business environment in Ethiopia has attracted foreign companies as it looks to build on its economy to be more productive in the coming years. Its economic outlook gives hopes to business ventures looking to expand their print on the African continent.
During the discussion, the delegation Head and JITO Business Networking Chairman, Milind Shah said, "We look forward to a great business opportunity here... [Ethiopia] will have big investments coming soon from India. Ethiopian and Indian governments have great collaboration and that will help all of us to develop our businesses."
A report from the Embassy of India in Addis Ababa shows that the existing bilateral trade between the parties stood at $1.2 billion, of which India's exports to Ethiopia were over $1.15 billion and imports were $65 million in 2015. Iron & Steel Products which are India's major export items to Ethiopia accounted for 17.2 percent of India's total exports to Ethiopia.
There are as well more than 584 Indian companies in Ethiopia with a licensed investment of over $ 4 billion of which about $ 2 billion is estimated to be on the ground, but there are no recorded Ethiopian investments in India.