Ethiopian envoy invites Indian investors

Monday, 08 December 2003, 20:30 IST
Printer Print Email Email
CHANDIGARH: Ethiopia is keen on attracting investment from India in agriculture and allied sectors like horticulture, manufacturing, mining, tourism and the services sector, the country's envoy said here Monday. Ethiopian Ambassador Teketel Forssido, who was addressing a Confederation of Indian Industry (CII) session on trade and investment opportunities in his country, said, "All sectors of the economy have registered positive growth since the launch of the private investment programme in 1992. "Other sectors holding potential for growth and investment include banking and insurance, trade, hotels and restaurants, construction and handicrafts." Forssido said a total of 4,026 projects worth $4.89 billion had been approved since the launch of the investment programme. A privatisation programme started in 1995 has seen the sale of 171 Ethiopian companies for $26.9 million, he noted. Ethiopia was one of the seven sub-Saharan countries named by UNIDO as nations "likely to attract investment", he said. A CII spokesperson said trade between India and Ethiopia had been increasing over the past few years, though it has been virtually a one-sided affair as Ethiopia had not unable to offer any products for export to India. Major exports from India included drugs and pharmaceuticals, iron and steel, rice, raw tobacco, leather goods, cosmetics and toiletries, rubber manufactured products, machinery and instruments and electronics goods, she said.
Source: IANS
siliconindia