MoS MEA Muraleedharan says there's scope to diversify trade with Ethiopia

Minister of State for External Affairs V Muraleedharan on Wednesday said that while Indian investors have "invested strongly" in Ethiopia, there is a scope to expand and diversify bilateral trade.

Speaking at the India-Ethiopia Business Forum, he said that Ethiopia is the second-most populous country of Africa. The Ethiopian economy has posted double-digit growth rates over 15 years. Ethiopia also has a highly-educated and skilled populace. These attributes are due to the sound economic policies of its leadership, he continued.

"It is natural then that Indian investors have invested strongly in Ethiopia to the mutual benefit of our two nations. I learned with happiness that today there are over 607 Indian compes in Ethiopia with a licensed investment of over US$ 5 billion. These Indian compes give employment to about 75,000 Ethiopian nationals," he said.

The minister further stated that despite the Covid-19 pandemic, Indian businessmen have continued to explore investment opportunities in Ethiopia.

He pointed out that during the last year, "we have had 35 new Indian investments in Ethiopia." "India is also one of the largest trading partners of Ethiopia. However, there is still scope to expand and diversify trade between the two countries and I am certain that our two business communities are working towards this objective," he added.

Muraleedharan said further that another important aspect of the ties between the two countries relations is the "development partnership"and pointed out that "our development partnership covers sectors such as rural electrification and the sugar industry and consists of a total of 6 Lines of Credit amounting to US$ 705 million extended to Ethiopia."

"I've attended #India-#Ethiopia Business Forum in #New_Delhi in the presence of @MOS_MEA (V Muraleedharan). Details in the forum reaffirmed my conviction that cementing economic ties with India would boost our efforts to make Ethiopia Africa's beacon of prosperity," Deputy Prime Minister and Minister Of Foreign Affairs of the Federal Democratic Republic of Ethiopia Demeke Mekonnen Hassen wrote on Twitter.

( With inputs from ANI )