Ethiopia seeks investment from India in priority sectors

Ethiopia on Tuesday sought investment from Indian investors in priority sectors and hoped bilateral trade and investment will grow in the years to come.

Ethiopian Ambassador Tizita Mulugeta listed the priority sectors of his country as textile and apparel, leather and leather products, pharmaceuticals, agro-processing, tourism, information and communciation technology and mining and energy.

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The bilateral trade between India and Ethiopia stood at USD 1.27 billion in the recent past years. The government of Ethiopia has taken several initiatives to encourage investors from India in different sectors, Mulugeta said at an interactive session with Merchant Chamber of Commerce and Industry.

MCCI president Aakash Shah said Ethiopia is poised to emerge as a middle income country and a major manufacturing hub in Africa by 2025.

The two countries have very deep economic ties and there are over 558 Indian companies in Ethiopia with licensed investment of approximately USD 4 billion mostly in agriculture and manufacturing, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)