Indian investment in Ethiopia passes $5 billion
09/04/2010
Around 500 Indian companies that have already been doing business in Ethiopia for several years have now ploughed more than $5 billion into the African country, Ethiopia’s ambassador to India, Gennet Zewide, has said.
Ms Zewide said the success of the 500-member India Business Forum in her country had inspired more Indian corporations to include investment in Ethiopia in their future plans.
She pointed out that the World Bank had recently described Ethiopia as the fastest growing economy in East Africa, with the leather industry one of the sectors attracting most investment. The Ethiopia Tannery Share Company recently won the Tannery of the Year Award in a programme organised by World Leather magazine.
Hides and skins represent one of the most important export categories in trade flowing from Ethiopia to India at the moment. Last year, total exports from the Africa country had a value of $91 million.
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