The number of Indian investors has substantially increased in Ethiopia as the country is a favorable destination for investment, India’s Ambassador to Ethiopia Robert Shetkintong said.
In an exclusive interview with ENA, Ambassador Shetkintong said Indian investors have substantial presence in Ethiopia.
“We have about 650 registered Indian companies with the Ethiopian Investment Commission; but I believe there are about 300 Indian companies here.”
The companies have invested in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, consultancy and ICT, education, pharmaceuticals and health care, among others.
Of those, 60 to 70 percent are engaged in the manufacturing sectors, he pointed out.
Regarding the ever-increasing desire and flow of Indian companies to invest in Ethiopia, the ambassador said Ethiopia is considered a favorable destination for Indian investment.
“We already have a substantial Indian presence. Even during the COVID time, we had 36 new investments from India. So, that means Ethiopia is being seen as a favorable destination for Indian investments.”
Moreover, Indian companies have given employment to 75,000 Ethiopian nationals and contributing to the economic progress of the country, the ambassador stated.
ICT is one of the sectors where India’s strength is tremendous, he noted, adding that he believes any collaboration in this sector will be mutually beneficial to companies from both countries.
“While India has excellent progress in the ICT sector, the relation in this specific sector between the two countries is small. However, there is tremendous opportunity to expand our relations in this sector.”
Ambassador Shetkintong pointed out that the relation between the two countries cover many areas including ICT, science and technology, education, trade and commerce, and broadly encompasses all sectors.
Ethiopia was one of the first African countries to establish diplomatic relations in 1948.
Source: ENA
