The Ethiopian government has announced that it has opened a new Ethio-Indian Chamber of Commerce and Industry in Mumbai (India) in a bid to enhance trade relations between the two nations. The move is considered strategic by experts who project that a decline in Chinese investments in Africa is going to open doors for India and Japan to boost their presence in the continent.
India is currently the third largest source of imports for Ethiopia accounting for 10 percent of the total import into the nation. The Chamber is expected to promote Indian exports and export investors. Additionally, the Chamber will also support corporations that are willing to export to Ethiopia and invest in the African nation.
The Ethiopian Ambassador to India Tizita Mulugeta said at the inauguration event that India is shaping up to be one of Ethiopia’s leading trade and corporate partner. He also stressed the role that the Chamber is going to play with the venture of Indian Business Groups into a nation that has tremendous potential that can prove advantageous for both countries.
Recently experts have posited that expected declines in China’s Foreign Direct Investment in African countries are going to present avenues of cooperation for India and China as part of the Asia-Africa Growth Corridor (AAGC).