April 2021 \ World News \ Focus on African continent
Indian firms plan projects in Ethiopia

“Ethiopia has registered sustained double digit GDP growth ...

H.E. Dr Tizita Mulugeta

Ms. Mulugeta further said, “FDI in Ethiopia has been growing in recent years and India is the third largest source of foreign investment into the country with cumulative investment of USD 5 billion. There are 617 Indian projects approved by the Ethiopian Investment Commission and even amidst the pandemic 30 Indian companies have travelled to Ethiopia to launch new projects. Indian companies have invested in agriculture, pharmaceutical, healthcare, engineering, plastics, textile, ICT, education and other sectors in our country. India is also the third largest source of import and it accounts for 8% of the inbound shipments into the country.”

Sharing more information about the attractiveness of Ethiopia, Ms. Mulugeta said, “Ethiopia is the member of the African Continental Free Trade Agreement, which ensures free movement of goods across the 1.2 billion consumer market of Africa. The country offers mining opportunities in gold, potash, platinum, opal, iron, tantalum, marble, granite and limestone. Also, the government has identified focus sectors such as textile & apparel, leather & allied products, pharmaceuticals, agro-processing, energy, ICT, tourism for attracting FDI.”

Tags: Africa