Ethiopia and India have signed multiple agreements following Prime Minister Demeke Mekonnen’s visit

Ethiopia and India have signed multiple trade agreements this week following Prime Minister Demeke Mekonnen’s visit to the sub-asian continent. Pundits and experts have recently noted that the African continent, especially countries like Ethiopia and Nigeria, are attractive prospects for Indian investments.

China’s influence in the continent is expected to decrease within the coming decade due to a projected decrease in the country’s foreign investment capabilities leaving room for countries like India and Japan that are already looking to invest in the continent.

Indian External Affairs Minister Dr. Subrahmanyam Jaishankar said that despite the substantial rise in Indian investments in Ethiopia over the past couple of years, there is still a lot of opportunity for Indian investors especially in terms of Ethiopia’s sustainable development goals.

During the past year alone there have been 35 new Indian investments made in Ethiopia. Including these additions there are now more than 607 Indian companies in the country with investment worth approximately 5 billion USD. 

The two countries’ development partnership is also significant with six credit lines with an estimated 705 million USD having been extended to Ethiopia. With these ongoing projects, Indian authorities and investors affirm that there is a wide scope for both countries to mutually benefit from each other.

Business World, Ethio Living

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