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Indian business delegation which has 15 members from various sectors is to visit Addis Ababa, Ethiopia, according to the Indian Embassy in the Capital.

A high level business delegation from India made a visit to Addis Ababa last week. The delegation included representatives from 23 businesses many of whom were from the commercial capital of India, Mumbai.

Most of the businesses represented seem to be interested in capital intensive long term investment in a range of sectors such as sugar, energy, and mining.

The visit from the business delegation was organized through the Ethiopian Consulate in Mumbai.

Ethiopia shares the model of the Indian export driven economic strategy especially in light of the similar socio0economic and cultural settings shared by the two countries said Mulu Solomon, President of the Ethiopian Chamber of Commerce, and Sectoral Association.

Indian companies are planning to establish  opal processing plants in Ethiopia following a ban on the export of raw opal earlier this month. Until the ban was imposed 86 percent of of Indian opal was sourced from Ethiopia.

Several Indian companies have showed their interest in building opal processing plants  in Ethiopia, according to the reports of The Reporter.

Glocare Pharma Manufacturing PLC, an Indian pharmaceutical manufacturer, has inaugurated its plant at Ethiopia's Kilinto Industrial Park built at a $5 million investment. The plant has a capacity of producing 600 million tablets and 7 million caps of medicine annually.

An Indian company, ShriVallabh Pittie (SVP) group, is going to install Africa’s largest cotton mill in Ethiopia. The company will invest US$ 500 Millionfor the mill that is going to produce cotton yarn solely for export purpose.