Friday, July 18, 2014

Ethiopia gains big with Indian FDI

(July 18, 2014, (Addis Ababa))--India is gradually expanding its investment footprint across Africa, with the East African nation of Ethiopia alone benefitting from billions of dollars of foreign direct investment (FDI) from the Asian giant in multiple economic sectors.

In a meeting with a visiting delegation of the Confederation of Indian Industry (CII) here earlier this week, officials of the Ethiopian Chamber of Commerce and Sectoral Association (ECCSA) said that trade and investment of the two countries have shown significant progress over the last few years.

As a result, the total trade turnover of the two countries reached $1.3 billion in 2013 from nearly $200 million in 2004. On the other hand, Ethiopian exports to India registered close to $36 million in 2013 from $10 million in 2004 and imports from $1.2 million to 103 million in the same period.

“Well, the balance of trade remains highly in favour of India. This shows that a lot of effort is required from the Ethiopian side,” said Solomon Afeworke, president of the ECCSA. In this regard, Ethiopia has modelled its export-driven strategy on Indian lines with the socio-economic conditions and culture of the two countries being similar.

The ECCSA has also signed a number of memorandums of understanding with Indian chambers of commerce like the CII, the Indo-Africa Chamber of Commerce and Industry (IACCI) and the Federation of Indian Chambers of Commerce and Industry (FICCI). Read more from Odisha Sun Times »

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