Ethiopia: Embassy Highlights Post Covid-19 FDI Attraction Significance

ADDIS ABABA- Ethiopian Embassy in India disclosed that it has focused on promoting activities that help the country put policy reforms into practice by which it can potentially attract more foreign direct investment (FDI) during the post COVD-19 era.

In an exclusive interview with The Ethiopian Herald, Ambassador Extraordinary and Plenipotentiary of Ethiopia to India Dr. Tizita Mulugeta said that Ethiopia and India have strong diplomatic relations in investment, trade and the like and India continues to be one of the top investment sources for the former.

Ambassador Tizita added that as the first African country which opened its Embassy in India in 1948, Ethiopia has strong historical relations with India especially in capacity building as many Indian scholars have participated in expanding education in Ethiopia.

According to Ambassador Dr. Tizita, the historic relation of the two countries has developed to a stronger economic relation over the past 15 year and currently over 500 Indian investors are engaged in different investment sectors in Ethiopia which makes India among the top FDI sources of Ethiopia next to China.

Indian investors are mainly investing in textile, pharmaceuticals industry, food processing and steel factories and the trade transaction among the two countries is also growing at a larger scale, she added.

As learnt from her, over 1,300 Ethiopians are also attending at Indian higher education institutions and the country is providing Ethiopian experts with a range of capacity building trainings.

"Currently Ethiopia is taking serious practical reforms in easing doing business, introducing new technologies to facilitate the service like one stop shopping and online services. Besides, the privatization and partial liberalization measurements are among the plausible steps the Ethiopian government is striding to create suitable ground for private sector development in Ethiopia," Ambassador Dr. Tizita underscored.

Dr. Tizita further stated that taking the overall practical policy reforms at home into account, Ethiopian Embassy in India is virtually promoting the policy reforms and the available investment potential to attract more anchor Indian investors aiming at the post COVID-19 economic booming.

"The mission of most Ethiopian Embassies in Asia is economic diplomacy apart from consolidating the diplomatic relations of the respective countries with their motherland. Considering the post COVID-19 economic transaction, the embassy is thus working on facilitating the trade transaction, investment inflow and tourism promotion," she said.

"As the world is expected to be dependent on virtual and digital activities during the post COVID-19, the embassy has focused on experience sharing from India as it is well experienced in developing easy and accessible digital technologies. For example, Indians continued enjoying the teaching learning process using digital technology though schools are closed due to COVID-19 pandemic," she stated.

Although India has currently closed international flights due to COVID-19, the Ethiopian Airlines has three destinations there: New Delhi, Mumbai and Bangalore, it was learnt.

More From: Ethiopian Herald

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