Ambassador: Indian investors undertaking $4.6b project in Ethiopia

Addis Ababa, March 19, 2010 (Addis Ababa) - The newly assigned Indian ambassador to Ethiopia, Bhagwant Bishnio said Indian FDI to Ethiopia will reach five billion USD until the end of this year from 4.39 billion USD at present.

The ambassador said various projects will be implemented to enhance the existing trade and investment relations.

In a news conference he gave to journalists here Thursday the ambassador said the bilateral relations of the two countries is in a good shape.

He said Ethiopia is benefiting from India loan service to African countries citing a case in point the Tendaho Sugar Development Project.

He said his government allocated some 5.4 billion USD loan to African countries out of which over three billion USD is for regional integration of the continent.

The trade balance has now in favor of India, he said and added his government has launched tax free schemes for Ethiopian products.

He said India is to implement a project that would enable to produce potassium in Ethiopia and machineries have already been imported.

As India is the leading potassium buyer in the world, the project would benefit both countries, he said.

He said the two countries are cooperating in education and defense sectors.

The ambassador said people to people relations of the two countries have a firm foundation and this would be further continued in the years ahead.

The ambassador said the embassy will exert utmost efforts to further strengthen the existing Ethio-Indian bilateral cooperation to a higher level during his tenure.





Source: ENA