Ethiopia seeks more India knowhow, capital

May 15th, 2012 - 9:35 pm ICT by IANS  

New Delhi, May 15 (IANS) Ethiopia has liberalised norms and is keen to attract more Indian investments in the sectors like pharmaceuticals, agriculture, textiles and food processing, Ethiopian ambassador to India Gennet Zewide said Tuesday.

Zewide said Ethiopia has already attracted almost $5 billion worth of Indian investments.

“We want more Indian investments. For foreign investments, we have identified the sectors like pharmaceuticals, textiles and food processing,” Zewide said at an event organised by the Confederation of Indian Industry (CII) here.

She pointed out that India is an important global player in the sectors like pharmaceuticals and textiles. “Ethiopia looks for your knowhow and capital,” she said.

Zewide said Indian investments in Ethiopia have increased sharply in the last six-seven years, mainly due to favourable policies and prospects of high returns.

Until 2004-05, Indian investments in Ethiopia totaled only around $300 million. These have now risen to $5 billion.

Zewide said India’s economic engagement with African countries has improved significantly in the recent years.

“Indian businesses are now feeling more confident to come to Africa,” she said.

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