India invests 460 million U.S. dollars in Ethiopia, enters Ethiopia to increase leather exports
Indian Ambassador to Ethiopia Gurjit Singh said recently that 2007 was a year of remarkable development in relations between Egypt and India. Ethiopian Prime Minister Meles visited India not long ago, laying a solid foundation for the future cooperation between the two countries. On the basis of mutual benefit, bilateral economic and trade relations have made unprecedented progress. In the 2006-2007 fiscal year, the bilateral trade volume exceeded US$300 million, a year-on-year increase of 60%. At present, India’s total investment in various fields in Ethiopia has reached 460 million U.S. dollars. It is expected that within the next year, India’s investment in Ethiopia will double. In addition to private investment, the Indian government strongly encourages Indian investors to station in Ethiopia to increase Ethiopia's leather exports to India. When the Indian Leather Commission visited India last month, it held talks with relevant entities and agreed to give Ethiopia technical support to improve the quality of leather products. The Indian government also encourages investors to increase investment in Ethiopian tea, oil products and tourism development.