BY STAFF REPORTER
ADDIS ABABA – Ethiopia and India have strong trade and commercial relations with the latter reported to have 600 registered companies in Ethiopia that generate over 70,000 jobs according to Indian Ambassador to Ethiopia.
In his New Year and Christmas messages written to The Ethiopian Herald, Indian Ambassador to Ethiopia, Robert Shetkintong said that the two growing economies enjoy close development partnership based on mutual understanding and respect, and sense of genuine partnership drawing on the principle of South-South cooperation, the Ambassador added.
With more than 35 Indian investors have shown interest or started their businesses in Ethiopia last year, Indian companies are contributing to the economic development and progress of Ethiopia, the Ambassador added.
A pharmaceutical company from India is about to start its productions in this country. “I’ve visited Indian factories during the last two months, and I know that many of them are in the phase of expanding their ventures.”
It is estimated that these Indian companies have licensed investment of over 4 billion USD of which about 2 billion USD is on the ground.
Indian companies are engaged in various sectors like manufacturing, textiles, agriculture, plastics and pharmaceuticals. Almost 60% of Indian investment is in the manufacturing sector, followed by agriculture (15%), according to him.