Genet Teshome,Consul General for the Federal Republic of Ethiopia,on Wednesday urged Indian businessmen to invest in Ethiopia,highlighting the fact that the Prime Minister of Ethiopia himself was trying to remove hurdles that foreign investors may face in the country.
Teshome was addressing entrepreneurs from the city trade and investment opportunities in Ethiopia at an interactive session on ‘Doing Business with Ethiopia’ organised by the Mahratta Chamber of Commerce,Industries and Agriculture (MCCIA) at ICC Trade Tower.
He emphasised the similarities between India and Ethiopia in terms of climate,diverse and rich culture and federal system of governance.
Prime Minister Manmohan Singh had made a four-day visit to the country last month,thus becoming the first Indian PM to visit Ethiopia. He agreed to provide specialised training to Ethiopian diplomats and trade negotiators as part of a capacity-building programme and had announced a $300 million line of credit to help revive the Ethiopia-Djibouti rail route,he said.
Teshome said,Though there is substantial foreign investment in agriculture,other fields such as agro-processing,mining,textile and leather industries packaging also offer a huge opportunity for investment to foreign investors. Though today agriculture is the biggest contributor to our GDP,in the next five years manufacturing will take the lead.
He noted that The Economist in its 2011 forecast has predicted Ethiopia will be the third fastest growing economy after China and India.
Teshome also talked about the availability of facilities such as airways,railways,roads,power and water in Ethiopia.