Ethiopian PM targets $10 bn. Investment from India
Thursday, 22 November 2012 11:43
Report by India Education bureau, New Delhi: A high-power business mission from India led by the FICCI President, Mr RV Kanoria, today called on the new Ethiopian Prime Minister, Ato Haile Mariam Dessalegn in Addis Ababa and urged him to initiate steps to for early finalization of a Bilateral Investment Protection Agreement (BIPA) and a Double Taxation Avoidance Agreement (DTA). Mr. Kanoria, during the business leaders’ meeting with the Prime Minister, complimented Mr. Dessalegn on the smooth transition of political leadership after the recent demise of the former Prime Minister. He conveyed the Indian business community’s commitment to the economic development of Ethiopia.
Mr R V Kanoria is currently leading a business delegation to Ethiopia. The delegation consisting of senior business leaders from Indian companies like Sai Ramakrishna, Karuturi of Karuturi Global Ltd., K Malhotra of CHL Ltd., Arvind Sharma of Anmol Group of Industries, Kaliappan Raghav of Crane Global, OP Patil of Nirmal Seeds, Ashish Gupta of Samsara Group and Rajiv Kumar of Escorts Ltd to name a few.
During the hour long meeting the FICCI President said the political and economic stability, zero tolerance for corruption, and pro active economic reforms in Ethiopia, had attracted Indian investors including his company to Ethiopia to use it as a manufacturing base to enter Africa. However, constraints of logistics, delay in land allocation and other bureaucratic impediments acted as speed breakers to the momentum to the flow on investment.
Responding to the Indian business leaders, the Ethiopoan Prime Minister Mr. Dessalegn said India was among the most favoured economic partners of Ethiopia. His country proposed to raise investments from India to US $10 billion by 2015. He said Ethiopia had full faith in India’s commitment to economic development of his country.
The FICCI delegation also called on Ato Mekonnen, Minister of industry and Ato Tefera Derbew, Minister of Agriculture, to take up various challenges faced by Indian industry. The delegation will today meet the Vice Governor of National Bank of Ethiopia, Director General of Ethiopian Investment Agency and the Ethiopian chamber of Commerce and Indian business forum.