Ethiopia: Newly Introduced Projects Set to Enhance Ethio-India Cooperation

A delegation from Ethiopia will introduce seven potential projects that look set to enhance Ethio-Indian cooperation at the 9th annual CII-EXIM Bank conclave on India-Africa Project Partnership meeting being held in New Delhi. Identified by the Ministry of Industry and its stakeholders, the projects would be presented to specific Indian businesses participating in the event. During the course of the conference, the delegation will highlight potential areas for investment, new opportunities in Ethiopia, and specific investment incentives and guarantees.

Trade and investment relations between Ethiopia and India are currently exemplary. Over 427 Indian companies with a total approved capital of over $4 billion are currently investing in Ethiopia. India is the third most important source of imports for Ethiopia, contributing 7.5% of all Ethiopia's non-oil imports, following China (contributing 14.3%) and Saudi Arabia (contributing 7.6%). The event will discuss and highlight the 475 projects worth $64 billion currently being undertaken in Africa by Indian investors. The projects are focused on investment sectors including agriculture and agro-processing, infrastructure, chemical industries such as pharmaceuticals and textile and steel manufacturing.

Organized jointly by the Confederation of Indian Industries (CII) and Indian EXIM Bank, the conference has brought together 900 delegates from over 45 African countries. Since the commencement of India-Africa conclave in 2005, over 1500 new project partnerships between Indian and African businesses have been established. India-Africa trade has grown more than ten-fold over the last decade from an estimated $4.6 billion in 2000 to over $60 billion in 2011-12. India's EXIM Bank opened a regional office in Addis Ababa, Ethiopia in September 2010 with a view to further expanding the trade and investment relations between India and East Africa and enabling closer engagement with regional organizations including the AU, IGAD and NEPAD.