‘We are looking for investment in commercial farming, like cotton, tea, oilseeds, horticulture and floriculture’ – added H.E.Mr. Ambulo.
Merchants’ Chamber of Commerce & Industry organised a Special Session with H.E. Mr. Demeke Atnafu Ambulo, Ambassador Extraordinary and Plenipotentiary, Embassy of the Federal Democratic Republic of Ethiopia on ‘India-Ethiopia Bilateral Ties and Trade’ today at MCCI Conference Hall.
While welcoming the guests, Mr. Rishabh C. Kothari, Immediate Past President, MCCI in his address highlighted that India is the second largest trading partner for Ethiopia, accounting for 10.2% of Ethiopia’s global trade. Bilateral trade stood at USD 642.59 million in 2022-23. He enquired about the possibilities of cooperation between the two countries in ICT, digital payments, renewable energy, infrastructure, tourism etc.
He pointed out that India and Ethiopia are planning to collaborate on the Unified Payment Interface (UPI) with Ethswitch of Ethiopia. Indian companies are among the top three foreign investors in Ethiopia investing in various sectors like agriculture and floriculture, engineering, plastics, manufacturing, cotton and textiles, water management, pharmaceuticals, and healthcare.
H.E. Mr. Demeke Atnafu Ambulo, in his address mentioned that Ethiopia is the third largest country in sub-Saharan economy having GDP-growth rate at 7% in 2023. Ethiopia is an investment friendly country. The country is endowed with educated labour force, 60-70% of its population is below 35 years-age, and have market access to 1.4 bn population of African economy, cheapest electricity and water rate.
There is huge opportunity to expand and enhance the trade potential between the two countries.
There is surplus production of hydro power in Ethiopia and the country exports surplus power to its neighbouring countries.
His Excellency highlighted 4 priority sectors in Ethiopia namely agriculture, manufacturing, IT and mining. The country has now prioritized the agro-processing sector and they are looking for Indian’s technology in increasing the agricultural production of Ethiopia. ‘We are looking for investment in commercial farming, like cotton, tea, oilseeds, horticulture and floriculture’ – added H.E.Mr. Ambulo.
Manufacturing plays a vital role in the Ethiopian economy. The Ambassador mentioned that Ethiopia is inviting investment in specific sectors such as pharmaceutical, textile and paper. Mining is the third priority sector. He informed that a 510 ton gold mine was discovered in Ethiopia recently.
In the context of Information technology, the Ambassador mentioned that Ethiopia has huge digital transformation plan in the coming days and they are inviting India investors to invest in the IT sector of the country.
The session ended with a hearty Vote of thanks proposed by Shri Srikant Jain, Co-Chairman, Council on Foreign Trade, MCCI. He said that it was the most opportune time for India and Ethiopia to enhance this strategic relationship and take it to a newer height.