R ARIVANANTHAM
CHENNAI, MARCH 19
Eyeing at increased investment in the country, African country Ethiopia called on the investors from Tamil Nadu to explore opportunities and come and make in Ethiopia.
Ambassador of Ethiopia in India Dr Tizita Mulugeta made the following remarks at the the India Ethiopia Trade Conference held in Chennai on Saturday.
Listing possible incentives, the ambassador said that the investors from India can avail package of incentives, including exemption of import duty, tax holiday, land at a subsidized rate and land lease for 60 to 99 years.
She further said that there is ample of opportunities open for investments in sectors, including industries, agriculture and educational and other sectors, small engineering, Information Technology and healthcare.
Our Embassy had a successful business forum in the capital city of Tamil Nadu state, #Chennai.
Grateful to the India Africa trade council for its continuous support.@mfaethiopia #Ethiopiainvest @EmbassyDelhi @EthioInvestment pic.twitter.com/B4tb1ItCLm
— Tizita Mulugeta Yimam (@tizitamulugeta3) March 20, 2022
On the sidelines of the India Ethiopia Trade Conference to woo investors from Tamil Nadu, Mulugeta said that both the countries have cultural and ethnic relationship even before 2000 years ago.
She said that the Ethiopia, the diplomatic capital of Africa is considered as one of the fastest growing economy at a rate of 6.1 percent.
She told reporters that the new government that took over recently in Ethiopia has robust plan to stimulate the growth of trade and investment through FDI in various sectors, including food processing.
The ongoing Government of India assistance in developmental projects in Ethiopia continued with sanctioned Lines of Credit worth more than US $1 billion to the Government of Ethiopia for construction of sugar factories and power transmission lines. Ethiopia is one of the largest recipients of long-term concessional credit from India in Africa. Finchaa and Wonji Shoa sugar factories and Phase I of the Tendaho sugar factory being built in Ethiopia under the Indian EXIM Bank credit of US$ 640 million are almost complete. India has also donated to Ethiopia a 64-Slice CT Scan Machine to Black Lion Hospital in Addis Ababa as part of our Grant Assistance.
The Ambassador also presented the opportunities to the main guests from Tamilnadu and also expressed great interest in supporting the trade relations between the two countries and invited the trade community to explore all the available choices for investors.
Ethiopia Minister for Business Demesev Kebede Tekle said the country has great scope bilateral trade opportunities in Pharma, Medicines, IT development, Textiles, Garments etc.
At present over 600 Indian companies are operating in Ethiopia providing employment opportunities to over 50,000 native youths, the minister said.
Dr B Ramakrishnan, Director of the India Africa Trade Council-COMESA said India is taking all out efforts in strengthening relationship especially when our country is celebrating 75 years of India’s Independence.
India has also in the past extended various credit lines to Ethiopia through the Exim Bank a line of credit of USD 75 million (over Rs 500 crore) for financing Industrial parks. An agreement was signed between Export-Import Bank of India (Exim Bank) in July 2020.
“As the Director of COMESA, my goal is to build bilateral relations reach new heights between India and Ethiopia and our forthcoming Indian delegation in May 2022 will see tremendous interest from the Indian side” said Dr B Ramakrishnan who is looking to connect the companies for business in Ethiopia. Indian delegation will explore opportunities in areas of Pharma, Vaccines, farming, poultry industry, meat processing and agricultural collaborations and they will also identify other opportunities for building up a robust infrastructure need of the country in the field of setting up education institutions.
The India Africa Trade Council-COMESA organized the India Ethiopia Trade Conference in Chennai on Saturday.
The President of Indian Economic Trade Organization Dr. Asif Iqbal said the Export Import Bank (EXIM) of India is extending loan facilities for foreign investment with a rider that the investor should be an exporter. He explained in detail about the quantum of loan extended for foreign investment to Indian businessmen.
