Indian Investors Actively Participating in Economic Dev’t of Ethiopia: Ambassador Shetkintong
Indian companies are actively participating in the economic development of Ethiopia by engaging in various investment sectors in the country, India’s Ambassador to Ethiopia Robert Shetkintong said.
Ambassador Shetkintong told ENA that both countries enjoy 75 years of strong diplomatic relationship built on over a century old trade ties.
The bilateral relation of the two countries in the field of agricultural development, manufacturing and textile as well as cultural cooperation has been strengthened since the establishment of diplomatic relations, he added.
Currently some 650 Indian companies and factories have engaged in various investment sectors in Ethiopia.
These Indian companies have been playing crucial role in the economic activities of Ethiopia by creating jobs for more than 75,000 Ethiopians.
“When it comes to business that is the most visible aspect of our relation because 650 Indian companies are registered with the Ethiopian Investment Commission (EIC) and according to EIC the Indian companies and factories give employment to about 75,000 Ethiopian nationals. Indian companies are participating in the economic development of the country,” the Ambassador noted.
As per the National Bank of Ethiopia about 5 billion USD are Indian investment, he said, adding that of which about 3 billion USD is on the ground.
Indian business investments here in this country are substantial, Ambassador Shetkintong pointed out.
There are about 1,200 Indian lecturers in the public universities of Ethiopia, he stated, and added that education is another important aspect of the bilateral relationship between the two countries.
He added that Ethiopia and India in recent times have excellent political relations.
It was indicated that the participation of Indian companies in the various industrial parks in Ethiopia is also encouraging.
The existing active participation of Indian companies in the economic development of Ethiopia signifies the longstanding cordial bilateral relations of the two countries, the ambassador underlined.
Source: Ethiopia News Agency