CLC Industries Plc will harvest cotton from the first 2,500 hectares in Ethiopia next month. The Indian company will use the cotton as raw material for the textile spinning plant it is establishing in Kombolcha.
The construction of the textile company at an investment of 70 million dollars will begin this month according to Markos Terfa company liaison officer.
The Export-Import Bank of India has provided USD 300 million loan to the Ethiopian Government railway project. The loan term entail concessional funds at an interest rate of 1.75 per cent.
The fund will be used to construct the railway project to connect the Ethiopian city of Asaita to the port city of Tadjourah in Djibouti. About 50 km of the 210-km long railway will be in Djibouti, while the rest of it lies in Ethiopia.
India’s Ambassador to Ethiopia, Sanjay Verma, disclosed companies from his country are making preparations to make an aggregate investment of U.S. $ Two Billion.
The Ambassador noted there are favorable investment opportunities, sitting reliable peace and fast economic growth, and that Indian investors are ready to seize the opportunity.
According to him, the trade and investment volume of Ethiopia and India have reached U.S. $ 1.2 Billion. In order to further strengthen the bond, the Ambassador noted, India is finalizing preparations to establish the biggest agricultural and science center in Africa and a textile industry cluster in Kombolcha town.
In addition to this, Verma recalled his country extended U.S. $ One Billion Birr to Ethiopia for the latter’s mega projects; specifically electric transmission lines, railway construction, sugar factories and irrigation.
Source: Ethiopian News Agency
A virtual conference to attract Indian companies which provide information technology enabled services was organized by the Ethiopian Investment Commission (EIC), Ethiopian Embassy in India, and Indian Economic Trade Organization.
Various Indian companies that are engaged in the ICT sector attended the conference from the ICT Hubs of Bangalore, Hyderabad, Mumbai, and Kashmir.
The companies were provided with information on the existing reforms in Ethiopia, Government support and commitment for the ICT sector, and available infrastructure.
Source: EIC’s Facebook page
The rate of Indian investment in Ethiopia is increasing due to the ideal investment environment in the country. Successful Indian investors in Ethiopia are inviting others to join them said the Ethiopian Embassy in Ethiopia.
There are many Indian investors in Ethiopia engaged in investment projects such as agriculture, leather processing, agro-processing, mining and steel processing said Genet Zewede, Ethiopian Ambassdor to Ethiopia.
Four more Indian investors have been licensed to engage in sugar manufacturing, garment, cotton and denim production between the months of July and September she said.
Investment by Indian business people has also included investment in large scale commercial farms with more land given to investors from India than any other foreign investors.
